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

{{newsPoint.title}}

{{newsPoint.title+ ' '}}

{{newsPoint.subtitle}}

World oil prices

Crude oil braced for OPEC+ decision, say market watchers

Experts say the upcoming meeting of OPEC+ nations in Vienna in early December will determine the price dynamics in the near future

© AP Photo/Rich Pedroncelli

MOSCOW, November 27. /TASS/. The plunge of the price of crude oil that has lost over 30% since the beginning of October, most likely is about to stop, experts polled by TASS assume. The upcoming meeting of OPEC+ nations in Vienna in early December will determine the price dynamics in the near future. The market expects a decision on production cap to follow the meeting to avoid the 2014 scenario.

The beginning of autumn was marked by volatility on the oil market. Having reached the highest level over four years of almost $86 per barrel by early October, the price of oil plunged sharply, breaching the $60 per barrel mark on November 26.

Read also

Russian energy minister says no need for country to join OPEC

"The oil price was rising as the market was afraid of deficit anticipating sanctions, but since it never happened investors started fixing long positions. By doing so, they started a plunge in the price," Finam’s analyst Alexei Kalachev explained.

The price correction was also connected with ambiguous signals from the side of OPEC+, Raiffeisenbank’s Andrey Polischuk adds. "First OPEC+ spoke about shifting to limiting and even reducing output. However, no agreements were reached at the meeting on November 11, and we heard no specifics," he said.

Moreover, anti-Iran sanctions turned out not so strict as expected earlier, experts note, as the US virtually allowed Tehran to export crude to its biggest buyers, India and China, as well as other Asian and European countries.

They expect the decision to be made by OPEC+ nations to be the key focus of the market now. "Currently the market is expecting the OPEC+ meeting in Vienna (on December 6-7)," Polischuk said.

Experts also believe that the principle decision on the oil production policy may be taken prior to the Vienna meeting - at the G20 meeting in Argentina. As reported earlier Russian President Vladimir Putin can meet with Saudi Crown Prince Mohammed bin Salman Al Saud there to discuss issues of oil cooperation. Energy ministers of the two countries will also attend the summit.

"If an agreement is reached on basic principles in Argentine, one can expect a decision on (production) cut in Vienna," Kalachev said, adding that otherwise "the preliminary work will only start in December.".

Tags

Oil & Gas Oil price

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

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"

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

Russia’s national jurisdiction must be competitive for business — Putin

The President noted that the Russian Union of Industrialists and Entrepreneurs, together with other business associations, is doing a lot to relieve the business environment from red tape, helping to simplify or convert administrative procedures and approvals into electronic form, and helping the government improve legislation and control and supervisory activities

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"

French neo-Nazi ringleader liquidated near Avdeyevka — sources

There is confirmed evidence of his connections with French secret services

Russians not let to Turkish Airlines flights to Mexico due to US pressure on it — diplomat

Sergey Ryabkov noted that such problems exist for Russians using Turkish Airlines flights to other Latin American countries

Right to secession from USSR was ‘time bomb’ under its statehood — Putin

The text of the Declaration of the Creation of the Union of Soviet Socialist Republics and the subsequent 1924 USSR Constitution contained the right of free secession from the Union, the Russian President pointed out

Russia to retaliate immediately if Kiev gets ATACMS missiles — diplomat

Konstantin Gavrilov also noted that the "manic efforts" of some Western OSCE member countries to isolate Russia "are futile and will backfire on their initiators"

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

West views Europe as potential theater of military operations — Lukashenko

The number of operational and combat training activities in Poland and the Baltic states increases every year, the Belarusian President noted

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

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

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

Russia’s US-born boxer Johnson to star in TV reality show — promoter

He will be the mentor of the so-called World Team, while the Team Russia will be led by prominent boxer]Kostya Tszyu

US shifted conflict in Europe onto EU, NATO shoulders to weaken Russia, says Lukashenko

The Belarusian leader specified that the US had organized the conflict in Europe, in this case in Ukraine, and "shifted it onto the shoulders of the European Union and NATO, promising to help with money"

Moscow slams NATO drills near Russian borders as inflammatory

"It is obvious that the upcoming combat training on the territory of Finland is part of a hybrid war against our country," Maria Zakharova said

West’s unwillingness to give up hegemony escalates tensions in world — security official

According to Nikolay Patrushev, this creates conditions for the devaluation of international law and its institutions and the erosion of the UN's central role in resolving global and regional conflicts

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

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

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

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

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"

Kremlin announces creation of blockchain-based payment system in BRICS

Work will continue to develop the Contingent Reserve Arrangement, primarily regarding the use of currencies different from the US dollar," the Kremlin aide Yury Ushakov pointed out

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

US incapable of replicating Cold War-era arms race — Valdai club expert

According to Dmitry Stefanovich, in order to prevent a new unbridled arms race, it is necessary to work on strategic stability as well as the sphere of arms control

US 'not forgetting' to help itself with aid to Ukraine — Kremlin

"In any case, whatever the modality of providing this aid, de facto it is about provoking Ukraine into further hostilities down to the last Ukrainian, putting guarantted money in the pockets of the US," Dmitry Peskov said

Iran calls on BRICS states to facilitate ceasefire in Gaza Strip

Iranian Deputy Foreign Minister Ali Bagheri Kani called for a complete withdrawal of Israeli troops from Gaza

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

First-ever South Korean citizen arrested for espionage in Russia

According to the law enforcement source, Baek Won-soon was handing over classified information to foreign intelligence agencies

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 deputy defense minister detained on suspicion of bribe-taking

"Russian Deputy Defense Minister Timur Vladimirovich Ivanov was detained on suspicion of committing a crime under part 6, article 290 of the Russian Criminal Code," the Russian Investigative Committee 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

Network of international conspirators plotted Crocus terrorist attack — watchdog

Yury Chikhanchin pointed out that the perpetrators of the attack were provided with money, weapons, transportation and ammunition

Russian cosmonauts begin first spacewalk in 2024

Oleg Kononenko and Nikolay Chub are expected to spend 6 hours and 52 minutes outside the orbital outpost

More than 2.5 bln transactions made via Faster Payments System in Q1 — Central Bank

Each fourth transaction made via the system from January to March 2024 was associated with payments for goods and services, the regulator said

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"

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

Industrial Development Fund will get additional capitalization of 300 bln rubles — Putin

The head of state stressed that companies implementing projects can already use special support measures, and the state will expand these business opportunities

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

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

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

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"

Serial production of missiles for S-500 air defense systems begins in Russia — source

State trials of S-500 are under way at a testing range in southern Russia

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

Putin vows maximal predictability for doing business in Russia

The President ordered to expand the public finance planning level to cover six instead of three years

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

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

China vows decisive response to US move to deploy intermediate missiles in Asia-Pacific

The Chinese Defense Ministry spokesperson stressed that "US steps are posing a major threat to security and stability of regional players"

Houthi leader says group attacked more than 100 ships in Red, Arabian seas so far

Ansar Allah strikes one ship every two days, Abdul-Malik al-Houthi 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 international reserves up $2.5 bln in one week exceeding $603.2 bln — Central Bank

Russia’s international reserves are highly liquid foreign assets available with the Bank of Russia and the Russian government

Russian court arrests in absentia four foreign agents charged with terrorism

"The court has selected a measure of restraint for Garry Kasparov, Gennady Gudkov, Yevgenia Chirikova and Ivan Tyutrin, charged with establishing and heading a terrorist society, funding terrorist activity and justifying it publicly," the court said

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

Around ten shopping malls in Moscow evacuated over bomb threats

Several malls have already been checked and have resumed routine operations

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

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

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

The date and location will be announced later

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"

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

IAEA chief to have working contacts with Rosatom, no meeting with Putin is planned

Rafael Grossi may visit Russia in late May

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

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

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

Russian children’s commissioner holds first face-to-face talks with Ukrainian counterparts

Maria Lvova-Belova thanked Qatar for setting up a venue for dialogue between Russia and Ukraine regarding children’s interests

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

The speaker’s shocking remarks sparked outrage among the public

IN BRIEF: Russian deputy defense minister, entrepreneur arrested for taking bribes

According to the investigation, Timur Ivanov and Sergey Borodin "criminally conspired with third parties" in order to receive a bribe "as providing monetized services when conducting contracted and subcontracted work" for the Defense Ministry

US-led coalition’s aircraft violate Syrian airspace 13 times in past day

The incidents were related to flights that were not coordinated with the Russian side and involved unmanned aerial vehicles

Good GDP growth results showed in first months of 2024 — Putin

GDP growth is 6% in average over the first two months, the Russian leader noted

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

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

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

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

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

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

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

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

Azerbaijan, Armenia have installed 20 border markers so far

Expert groups from the two countries continue their work

Russia’s advanced technology helps use unguided munitions as precision bombs

Gefest system analyzes data of the Glonass satellite navigation grouping on the mutual location of the aircraft and the target

ATACMS shipment proves ‘Zelensky’s formula’ needed in US as ‘smoke and mirrors’ — diplomat

"Washington’s plan is sickeningly simple, as it means dragging everyone under the pretext of ‘peace intentions’ to an empty gathering, while bolstering Zelensky’s terrorist potential," Maria Zakharova said

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

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

Putin stays in daily contact with Sergey Shoigu, Kremlin spokesman says

Timur Ivanov was arrested by Moscow’s Basmanny Court

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"

Armenian police arrests people protesting against demarcation with Azerbaijan

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

TASS, SMI2 to launch positive content aggregator on Internet

Positive agenda promotion mechanisms should appear in Russia, SMI2 CEO Yury Belousov said

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

Staff shortage cannot be covered by labor migration — Putin

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

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

Russia’s strategic bombers get latest data transfer systems

The qualifying flight tests of aircraft with the installed communications systems have been completed, according to the CEO of Ruselectronics Holding Company

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

Senior Russian MP dubs pervasive gender reassignment in West 'human tragedy'

Vyacheslav Volodin pointed to a law recently passed by Sweden’s parliament enabling minors to transition without surgery that a national survey showed was disapproved by 59% of citizens

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

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

Some 4,500 tickets sold in only two days for 2024 BRICS Games in Russia’s Kazan

According to the ministry, ticket prices range between 100 and 300 rubles

Bolivarian Alliance countries stand for multipolar world — Maduro

"ALBA can be among the founders of a new world, a new international multipolar order," the Venezuelan president stressed

Detained deputy defense minister suspected of taking grand bribe of over $10,000

This charges carries a punishment of up to 15 years behind bars

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"

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

US nuclear facilities in Northern Europe to become targets in Russia-NATO clash — MFA

Maria Zakharova warned that if US nuclear weapons were deployed to Northern Europe, "the security of the countries hosting these weapons will by no means get stronger, but on the contrary be harmed"

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

Government, business to continue dialog — Kremlin

The President and business representatives are satisfied with outcomes of the meeting, Dmitry Peskov noted

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

White House alleges that Russia working on satellite carrying nuclear device

"We have heard President Putin say publicly that Russia has no intention of deploying nuclear weapons in space. If that were the case, Russia would not have vetoed this resolution," Jake Sullivan stressed.