{{dayPoint.date | date : 'd MMMM yyyy'}}

{{newsPoint.title}}

{{newsPoint.title+ ' '}}

{{newsPoint.subtitle}}

World oil prices

Russian energy minister warns oil price over $50-60/bbl may result in market oversupply

The decision to stabilize oil production has been supported by fifteen nations producing 73% of oil across the globe

© AP Photo/Jae C. Hong

MOSCOW, March 1. /TASS/. Stabilization of oil production does not have a task to lift prices above $50-60 a barrel because this will again result in oversupply, Russia’s Energy Minister Alexander Novak said on Tuesday.

Read also

Saudi Arabia and Russia are on the right track to stabilizing oil prices

"We hoped the market will start balancing itself. Supply volumes in 2015 were even higher than in 2014 despite the price drop. If the offer is kept at January’s level, it means the offer will not grow, while the demand will grow in any case. The market will get rid of oversupply within the shorter timeframe owing to that," the minister said.

Brent oil prices plummeted 49.6% at 2015 year-end and lost 15% more since the beginning of 2016. amounting at present to approximately $33 per barrel. The average Urals oil price at the end of January - February 2016 amounted to $29.69 per barrel.

Fifteen countries already support oil production stabilization

The minister said the decision to stabilize oil production was publicly supported by fifteen nations producing 73% of oil across the globe. It will be efficient even without Iran, although special conditions can be provided to it, the minister added.

Read also

"Over 15 countries already publicly confirmed and expressed readiness for the time being. Assuming publicly voiced positions, we may say the exporting nations - 73% of physical oil production - support the freeze and this is the critical mass of countries that may agree," Novak said.

"The decision will be efficient even without Iran," the minister said. "Iran has a special situation at present because it is at the lowest levels of its production. In my opinion, it may be approached individually, with a separate decision," the minister added.

According to the minister, the final decision on oil production stabilization will be made in March and formats still have to be discussed.

"Companies confirm they support the initiative because it means predictability for the market participants. We agree to monitor the situation. The initiative is still discussed. Many countries voiced their support. We will continue talks with other OPEC and non-OPEC countries to meet in March and consider an opportunity of making the final decision," Novak said.

Oil refining at about 280 mln tonnes in 2016

The officail also noted plans to reduce oil refining in Russia to about 280 mln tonnes in 2016.

In 2015, the crude distillation of oil, according to the Federal State Statistics Service, amounted to 287 mln tonnes.

"This year we expect the volume of processing in the region of 280 mln tonnes. Our task is to fully satisfy the demand for diesel fuel and gasoline," he noted.

Plans on field development in 2016

Read also

Should Russia get rid of its dependence on oil exports?

The heads of Russian oil companies have also confirmed plans for field development in the current year.

"The companies have confirmed their plans for 2016 for production drilling and field development. That concerns the licenses, which were issued earlier. It is really important that our companies are competitive in a difficult situation," Novak said.

Earlier Natural Resources Minister Sergey Donskoy said that public investments in geological exploration (GE) would be reduced by 10-15% in 2016. According to him, the record volume of investment in exploration was in 2014.

In 2015, Russian investments in GE totaled 28.4 billion rubles ($386 mln), which is 20% less than in 2014.

Oil companies ask Putin to keep current taxation system unchanged

Accoring to Novak, Russian oil companies have asked President Vladimir Putin to keep industry tax system as it is now.

"Of course, the companies said it to the president - that in the current market situation, prices volatility, amid unpredictability the most important thing is to preserve the tax system, that was formed, in a mid-term perspective," the minister told reporters following the meeting with the head of state.

The minister noted that the companies’ plans can be achieved only the taxation system stays free of innovations linked with an increase in the tax burden.

The minister noted that the final decision on the matter "will depend on the situation, and it will be discussed by the government in the first place, and then brought to the president level."

He added that no decision was made at the meeting with the president on Tuesday but the President "heard the companies’ [request]."

Tags

Oil & Gas Oil price

Russian Economy Ministry expects trade balance surplus to decline

Exports of goods are expected to drop to $419.7 bln this year. Imports are forecast to grow to $315.7 bln in 2024

Israel Defense Forces delivers more strikes on Hezbollah infrastructure in Lebanon

Apart from that, IDF fighter jets delivered strikes on Hezbollah infrastructure in the area of Kfarchouba in southern Lebanon and in Markaba

Russia appreciates Bolivia’s push to defend sovereignty, Lavrov says

The Russian foreign minister said that the sides would exchange opinions on how to develop bilateral relations along the path outlined by Bolivian President Luis Arce and Russian President Vladimir Putin

Transfer of US ATACMS missiles to Ukraine cannot be justified — Russian ambassador

"Neither these missiles nor other weapons can help defeat the Russian Federation," Anatoly Antonov said

Global community condemns use of terrorists in geopolitical struggle — Russian official

Russian Security Council Secretary Nikolay Patrushev noted that the heads of foreign delegations expressed sincere condolences to the Russian people over the casualties of the attack on a concert hall outside Moscow

SCO should unite against foreign attempts to trigger revolutions — Shoigu

"The main emphasis should be placed on the development of military contacts between the SCO and the CSTO,"the Russian defense minister said

Armenian police arrests people protesting against demarcation with Azerbaijan

Earlier, demonstrators in several regions of Armenia tried to block highways, including international ones

Cosmonauts complete spacewalk two hours ahead of schedule

The cosmonauts fulfilled their tasks way faster than planned, spending four hours and 36 minutes in space

US first caused, now purposefully drags out Ukraine conflict — Shoigu

The Russian top defense official added that in order to achieve its goals, Washington is exerting unprecedented pressure, including on its partners

Kiev violates diplomatic relations convention by recruiting mercenaries abroad — diplomat

Maria Zakharova pointed to media reports, according to which Ukrainian embassies in a number of countries are openly campaigning local citizens to join the so-called International Legion of Ukrainian Territorial Defense

Russian troops wipe out military train with Western armaments in DPR over past day

Russian troops improved their tactical position and repelled eight Ukrainian army counterattacks in the Avdeyevka area over the past day, the Defense Ministry reported

Swiss conference on Ukraine undermines European security — Russian diplomat

In Maxim Buyakevich words, neither the talks nor their outcome can change the existing political and territorial realities

UN bound to stay as unique world organization — Russian ambassador

"If the UN did not exist, it should have been created," Vasily Nebenzya said

Ukraine could send special forces to capture Zaporozhye NPP — politician

According to Vladimir Rogov, the Ukrainian troops are holding drills to cross the Dnieper from the right bank to the left bank and capture a large industrial site

Press review: NATO flexes muscles near Russian border and South China Sea runs hot

Top stories from the Russian press on Wednesday, April 24th

Global community changing tune about how Ukraine conflict started — security official

According to Nikolay Patrushev, these countries "understand perfectly well who is financing" the Kiev regime

Foreign delegations show great interest in Russian defense products — security official

The 12th International Meeting of High Representatives for Security Issues took place in St. Petersburg on April 23-25

Security concerns mount as radical Islamists flock to Southeast Asia

Russian Defense Minister Sergey Shoigu added that establishing a security framework in Eurasia will be an important goal for the Shanghai Cooperation Organization

Reinforced Ukrainian battlegroup fails to break through Russian defenses in DPR — expert

Andrey Marochko added that the Ukrainians have also intensified artillery and drone attacks at Russian positions

Israel ready to accept release of fewer than 40 hostages in deal’s first phase — newspaper

According to the report, Israel is willing to acceprt the release of women, men over 50 years old and those seriously ill

Russia needs to boost production of goods based on domestic technologies — Putin

The President undescored that Russia did not plan to produce absolutely everything domestically

Poland practices transfer of mechanized brigade to Lithuania's Suwalki Corridor area

The exercise under the classified Orsha plan involves 1,500 military personnel from Lithuania's Zemaitija Motorized Infantry Brigade, Poland's 15th Mechanized Brigade, allied US and Portuguese units, as well as about 200 pieces of military equipment

Moscow, Minsk pushing for peace even as 'war in the air' — Belarusian official

Pavel Muraveiko stressed that "the leaders of Belarus and Russia are doing everything possible and impossible to ensure peace and security on western borders"

West bends sanctions rules when it suits them — Kremlin

Dmitry Peskov noted that, "according to some parameters, companies in Europe and other regions can hardly maintain their competitiveness if they completely abandon our products"

Fatah accuses Hamas of actions that led to Israeli control of Gaza — report

Fatah also said Hamas is currently seeking to become part of the Palestine Liberation Organization, but is doing this "only to preserve itself and survive"

Europe should be prepared to build relations with Russia post-Ukraine conflict — Macron

According to the French leader, when building relations with Russia, Europe needs to rely upon its own strong security system

Press review: Belarus' new national security strategy and Russia, US butt heads at UN

Top stories from the Russian press on Friday, April 26th

Russia-Europe relations require fresh approach — Kremlin

Russia and Europe are geographically close anyway, Dmitry Peskov noted

Ukraine to cease to exist unless it enters into talks, Belarusian president warns

Alexander Lukashenko stressed that his Ukrainian counterpart Vladimir Zelensky should have realistic expectations

Kiev confirms pulling back US-made Abrams tanks due to vulnerability to Russian UAVs

Thirty-one American tanks have become "unfit for the classical deployment," Maxim Buzhansky said

Chances of Baku-Yerevan conflict settlement higher than ever, Scholz says

The German chancellor emphasized that Berlin's "offer to lend support in finding a long-term and acceptable solution remains valid"

Kremlin spokesman describes European Parliament as 'Russophobic machine'

Dmitry Peskov added that the EP "has turned into a machine brimming with internal contradictions that keeps generating boorish statements"

Ukraine’s army leaves first defensive line in Berdychi near Avdeyevka, says DPR

The Ukrainian military has suffered heavy casualties among personnel and military hardware in that community, Igor Kimakovsky said

Ukraine had to negotiate agreements with Russia with ‘three masters’ — Russian envoy

"It is very difficult to negotiate with those who are unable to make decisions, even if they want, they can’t, and only act as a side to a difficult conflict," Vladimir Medinsky explained

Polish leader cautions NATO allies against provoking Russia

Andrzej Duda slammed the reported instances of Russian missiles entering Poland's airspace as "a Russian provocation"

China, US free to have their own friends, partners — President Xi

Beijing sticks to the principle of non-alignment with any blocs, the Chinese leader said and called on Washington "to refrain from teaming up in small groups"

Russia warns US, NATO against harming its security — diplomat

Maria Zakharova stressed that "the level of nuclear risks have risen dramatically as a result of the West’s destructive policy, which is fraught with a direct military confrontation between nuclear powers"

Hungary sees Ukraine conflict entering new phase, NATO involvement rising

According to the minister Gergely Gulyas, the North Atlantic Alliance "wants to provide financial assistance, as well as supply weapons and train Ukrainian soldiers"

Insurers refuse to pay compensation for Nord Stream — Russian envoy to UN

Vasily Nebenzya stressed that insurers conclude on their own that the "explosion at the gas pipelines was made using an explosive devices, willfully and due to political motives," thereby confirming its terroristic nature

Staff shortage cannot be covered by labor migration — Putin

Labor productivity requires a significant increase in all sectors of the economy, the President stressed

US-oriented structures try to reformat security system in Asia-Pacific region

Russian Defense Minister Sergey Shoigu underlined that this is being done by strengthening "military-political structures such as QUAD, AUKUS and the US-Japan-Philippines triad"

Russian, Chinese militaries interacting stabilizes world processes — top defense official

Chinese Defense Minister Dong Jun noted that he wanted to discuss "the most fundamental issues" with his Russian counterpart, given the constraints of time and place

North Korea tests multiple rocket launchers produced at new defense enterprise

Country’s leader Kim Jong Un said the systems feature advanced technologies and "will contribute to strategic changes in the process of strengthening the artillery forces."

Abrams tanks easy targets for drones — Russian expert

According to Dmitry Kuzyakin, "as long as there is a lack of direct communication between those who make the tanks and who use them, the Abrams will not evolve to meet modern warfare requirements"

Russian defense chief points to West’s double standards on right to self-defense

In this regard, Sergey Shoigu mentioned the operation that Tehran carried out "in retaliation for a blatant attack on the Iranian consulate building in Damascus"

Ukrainian opposition demands parliament speaker's resignation over pro-Hitler remarks

The speaker’s shocking remarks sparked outrage among the public

One more suspect in Crocus City Hall terror attack arrested — police

The detention was reported earlier by the media, which said that police had captured Tajik national Djumokhon Kurbonov

Venezuelan foreign ministry, Russian embassy hold joint conference in Caracas

The event brought together almost 200 diplomats, foreign ministry staffers and experts in international relations

Putin calls impending formation of new cabinet ‘crucial step’

The Russian leader pointed out that it is important to ensure stability and transparency in the Russian socio-political system

US government prepares to sign $6-bln contract for arms deliveries to Ukraine — Politico

According to the article, the United States "is putting the finishing touches" on one of its largest Ukraine military aid packages to date, which may be announced on Friday

Top Chinese diplomat says two states only solution to Middle East situation

"The catastrophe in Gaza proves once again that the inability of the Palestinian people to implement their legitimate national rights is the root of the Palestinian-Israeli contradictions and the essence of the Middle East issue," Wang Yi stressed

Dardanelles temporarily closed due to fire on board of dry cargo carrier

Rescue craft were promptly sent to the ship, fire extinguishing started, the crew was evacuated

All-Belarusian People's Assembly adopts new military doctrine, security concept

The adoption of a new military doctrine instead of the one that has been in force since July 2016 stems from the need for adaptation to the changed military-strategic situation

SCO expects Belarus to join the organization very soon — Shoigu

The Russian defense chief is certain that "this is an important moment in strengthening security in the SCO space"

Crocus City Hall attack funded using cryptocurrency, Russian finance watchdog says

Russia’s Federal Financial Monitoring Service head added that the act of terrorism was intricately planned and it took an international network of conspirators to carry it out

North Korea to take part in SPIEF — Embassy in Russia

The 27th St. Petersburg International Economic Forum will be held on June 5-8, 2024

Russian foreign minister to meet with Bolivian counterpart in Moscow

The top diplomats are to discuss bilateral ties, political dialogue, ways of broadening cooperation in various sectors and improving the legislative and contractual framework

US military advisers, if sent to Ukraine, won’t come close to frontlines — Pentagon

"United States has no intent of conducting combat operations inside of Ukraine, nor are these forces going to be anywhere near the frontlines," Patrick Ryder said

US nukes in Poland to become target for Russia should confrontation with NATO occur — MFA

"The impression is that Warsaw is maniacally seeking to attract even more attention from military planners in the Russian General Staff," Maria Zakharova added

Radioactive cloud from Ukraine’s eliminated munitions drifts to Europe — Security Council

"An increase in radiation levels has already been registered in Poland," Nikolay Patrushev warned

Situation at ZNPP remains unpredictable — International Atomic Energy Agency

The situation can take a sudden turn for the worse from one minute to the next, IAEA Director General Rafael Grossi said

Promotion of Russian brands gives good return — Putin

Comprehensive mechanisms require to be worked out, the head of state noted, responding to a proposal to add new tools to support of congress and exhibition activities

Russian Embassy to Austria denied participation in ceremony at Nazi concentration camp

The embassy said that the Austrian Mauthhausen Committee had also cautioned the organizations of Russian compatriots in Austria against participating in the event

Kremlin unconcerned by European Parliament’s resolution on Russian election

The resolution that European Parliament members passed at a plenary session in Strasbourg "urges the member states of the European Union and the international community not to recognize the outcome of the Russian presidential election"

Senior security official points to rising tensions on Belarus’ western border

Tensions "have reached a peak where the slightest imbalance can lead either to a serious, high-profile and large-scale provocation or a conflict," Pavel Muraveiko stressed

Putin’s trip to China will rivet world’s attention, Kremlin spokesman predicts

The countries will jointly announce the time of this trip, Dmitry Peskov said

Musk concurs that civil war looming in West

The US businessman commented on remarks by Gad Saad, a Canadian professor of Lebanese origin, who insisted that "the path that the West is taking will result in civil war"

West prepares puppet structures in case of coup in Belarus — KGB

Ivan Tertel said various methods were being considered, up to "instigating a forceful seizure by illegal armed groups" being trained in the West and Ukraine

Russian troops destroy 89 Ukrainian UAVs, 5 boats in Kherson area over past day

"Battlegroup Dnepr units conducted active counterbattery warfare and destroyed enemy drones, manpower and equipment on the right bank of the Dnieper River," Governor Vladimir Saldo said

US effectively dooms Ukraine by its new decisions, Russian envoy says

"The American aid won’t save Zelensky. New weapons will be destroyed, and the special military operation goals will be achieved," Anatoly Antonov stressed

Better situation for peace in Ukraine, threats to Belarus: new statements by Lukashenko

The head of state accused Washington of preparing a "Belarusian liberation army" and reiterated Minsk's readiness to "defend its country"

FSB nabs Neo-Nazi group members in Volgograd Region plotting high-profile terror act

During the questioning, the detainees gave confessionary evidence that sharing the ideas of racial and religious supremacy, they established contact with the ringleaders of the pro-Ukrainian terrorist organization

Kremlin vows to resolve situation with Turkish Airlines refusing service to Russians

Russia has "very constructive and friendly relations" with Turkey, Dmitry Peskov stressed

Space station’s orbit raised by 1 km — Roscosmos

According to preliminary information, the average altitude of the orbital outpost was increased to 414.8 km above the Earth’s surface

Negative trends still on rise in US-China relations — top Chinese diplomat

The United States should not cross the red lines with regard to China’s sovereignty and security, Wang Yi added

Russia says its battlegroup West seized better positions

The Russian forces also foiled a counterattack of an assault group of the Ukrainian 80th mechanized brigade in the vicinity of the Krasnoye settlement in the Donetsk People’s Republic

NATO bears direct responsibility for Ukraine crisis — Chinese Foreign Ministry

Spokesman Wang Wenbin stressed that China was not providing weapons to the conflicting parties and strictly controlled dual-use goods, including the export of drones

Electricity supplies to China cannot yet be restored to previous levels — Energy Ministry

According to Russian Energy Minister Nikolay Shulginov, the ministry will return to this issue later, as hydro resources accumulate after the rainy season

Russia ready to cooperate with all interested partners to ensure security — Putin

The Russian leader expressed confidence that the the 12th International Meeting of High Representatives for Security Issues "will bolster cooperation for the mutual benefit of our countries and peoples"

Kiev troops may strike targets in Crimea with ATACMS missiles — newspaper

The goal "is to put more pressure on Crimea," The New York Times said

Casualties reported after Ukrainian strike on residential house in Zaporozhye Region city

The rescuers are involved in efforts to clear the rubble of a five-story house on Kuibyshev Street

Potential nuclear facilities in Poland to be military target for Russia — senior diplomat

According to Sergey Ryabkov, discussions around the deployment of NATO nuclear facilities in Poland are an "unfolding story"

Kiev may use ATACMS missiles to hit Crimean Bridge — Russian defense ministry official

Russian military will do its utmost to repel such attacks, Apty Alaudinov said

Bank of Russia keeps key rate at 16% per annum again

"The return of inflation to target and its further stabilization close to 4% assume that tight monetary conditions will be maintained in the economy for a longer period than previously forecast," the regulator said

Shoigu talks about ties with NATO, attacks on Zaporozhye NPP as he attends SCO meeting

TASS has put together the highlights of Shoigu's speech

Russian diplomat accuses US of coordinating Ukraine’s terrorist attacks

Earlier, US President Joe Biden signed a package of bills approved by Congress, which total some $95 bln and include about $61 bln to help Ukraine and $26 bln to support Israel

Over 3,100 foreign mercenaries fight for Ukraine, most of them from US

The Russian Investigative Committee added that measures are underway to locate their whereabouts and bring them to criminal liability

Russian troops wipe out Ukrainian UAV production workshop over past day

The Russian forces improved their frontline positions and inflicted casualties on five Ukrainian army brigades in the Donetsk area over the past day, the Defense Ministry reported

Press review: US tries to strong-arm China and Zelensky's bid to bring men home

Top stories from the Russian press on Thursday, April 25th

Houthis say they attacked MSC Darwin vessel in Gulf of Aden

The Houthis also confirmed that the movement will "continue its military operations, impeding the navigation of Israeli vessels in the Red Sea, the Arab Sea and the Indian Ocean"

Pelosi's remarks about US protesters undemocratic, Russian diplomat says

On April 25, US police said at least 127 people were arrested during large-scale protests on American university campuses against Israeli actions in the Palestinian enclave

Positive trends in Russian economy become stronger — Putin

"Despite unprecedented challenges we face in recent years, positive trends are becoming stronger in national economy," the head of state said

Ukraine turns into testing ground for future world order, says Belarus president

"The largest nuclear powers, albeit indirectly, are actually fighting on Ukrainian territory. And not indirectly," the president of Belarus noted

Russia to hold next international security meeting in 2025 — top security official

The date and location will be announced later

Top Chinese diplomat calls for creating conditions for talks on Ukraine

Wang Yi also called for "resolutely opposing attempts to take advantage of the chaos and add fuel to the fire"

West again tried to obstruct international security meeting in Russia — security official

According to Nikolay Patrushev, some representatives planned to attend the meeting, but later succumbed to pressure and refused

European Parliament urges EU states to regard Russian presidential vote as illegitimate

The resolution passed in a 493-11 vote, with 18 abstentions

Ukrainian army strikes own surrendering soldiers — POW

Andrey Babenko said that after a crash course in Britain he had been sent to the frontline near Liman

Kiev's attacks on ZNPP may trigger another Chernobyl — Zaporozhye governor

Tensions in the area of the Zaporozhye nuclear power plant and in Energodar, where the nuclear power plant is located, escalated at the beginning of the month

French neo-Nazi ringleader liquidated near Avdeyevka — sources

There is confirmed evidence of his connections with French secret services

Blinken’s visit to China meant to shatter Russian-Chinese ties — senior Russian diplomat

"I think that Beijing understands this perfectly well and will not even pretend being ready to reach any agreements with the Americans to the detriment of Russia’s interests," Sergey Ryabkov said