• 15 mins Is A Russia-Cuba Energy Deal In The Works?
  • 3 days Iraq Begins To Rebuild Largest Refinery
  • 3 days Canadian Producers Struggle To Find Transport Oil Cargo
  • 3 days Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 3 days China's CNPC Considers Taking Over South Pars Gas Field
  • 3 days BP To Invest $200 Million In Solar
  • 3 days Tesla Opens New Showroom In NYC
  • 3 days Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 3 days Venezuela Sells Oil Refinery Stake To Cuba
  • 3 days Tesla Is “Headed For A Brick Wall”
  • 4 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 4 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 4 days Goldman Bullish On Oil Markets
  • 4 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 4 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 4 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 4 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 4 days Colombia Boosts Oil & Gas Investment
  • 5 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 5 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 5 days Aramco On The Hunt For IPO Global Coordinators
  • 5 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 5 days India Feels the Pinch As Oil Prices Rise
  • 5 days Aramco Announces $40 Billion Investment Program
  • 5 days Top Insurer Axa To Exit Oil Sands
  • 6 days API Reports Huge Crude Draw
  • 6 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 6 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 6 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 6 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 6 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 6 days Exxon To Start Reporting On Climate Change Effect
  • 7 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 7 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 7 days Forties Pipeline Could Remain Shuttered For Weeks
  • 7 days Desjardins Ends Energy Loan Moratorium
  • 7 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 7 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 7 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 10 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
Regulated Utilities Could See Big Changes

Regulated Utilities Could See Big Changes

As regulated utilities continue to…

Huge WTI-Brent Spread Boosts U.S. Crude Exports

Huge WTI-Brent Spread Boosts U.S. Crude Exports

The extreme gap between WTI…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Russia Delays Meeting With Oil Producers On Cuts

Alexander Novak

The meeting between Russia’s largest oil producers and the energy commission, expected to discuss the implementation of the 300,000-bpd production cut on December 19, has been postponed, Reuters reported on Monday, quoting an industry source.

The meeting was expected to be chaired by Russian President Vladimir Putin, and the reason for the postponement is not yet clear.

Rosneft’s chief executive and close Putin ally, Igor Sechin, serves as secretary at that energy commission. Sechin is known for his anti-OPEC position and has claimed that the cartel has lost its influence over global oil after the U.S. shale revolution.

Russia and 10 other non-OPEC producers agreed on Saturday to cut total oil production by 558,000 bpd as part of a wider deal with OPEC, but the details as to how Russia is going to execute such a cut have not yet been hammered out.

Russia has been pledging 300,000 bpd since OPEC-only nations agreed to curtail output by 1.2 million bpd. The Russian energy ministry had first said that it would announce a production-cut schedule for its oil companies after this weekend’s meeting.

Last week, Energy Minister Alexander Novak held a meeting with oil producers, after which Kremlin spokesman Dmitry Peskov said that Russian companies would not receive compensation for the production cuts.

Related: Having Outmaneuvered OPEC, Can Iran Handle Trump?

On Saturday, following the deal between OPEC and non-OPEC producers, Novak said in a statement that as part of the agreement Russia would lower its oil production by 200,000 bpd in the first quarter of 2017. According to Novak, the non-OPEC nations would cut output from October levels.

In order to monitor the compliance with the terms of the deal within Russia, the country would create a monitoring group consisting of representatives of the oil companies, Novak noted.

According to Reuters, Russia’s second-biggest producer Lukoil has said it would be willing to cut output, and Tatneft would be ready to cut its production by 20,000 bpd.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News