Oil and Gas News in Russia

Russia has been reported to have a $45 billion stash of Chinese Yuan, capable of covering the country’s oil revenue losses in the next three years. The reserve is expected to help Moscow weather a massive plunge in its energy revenues as…

Italy has said that it is working towards eliminating imports of Russian natural gas by the winter of 2024/2025. The chief executive officer energy major, Eni, Claudio Descalzi, dropped the hint yesterday while on a visit to Algeria The…

...Ukraine calls for review The G7 and the EU coalition is set to soon implement another price cap on Russia oil, this time, on the country’s other petroleum products. According to the plan, although criticized for its complex…

Reports say Russia still enjoyed status as the top seaborne oil supplier to the European Union bloc despite sanctions. Meanwhile, the European Union’s seaborne imports of Russian crude oil declined by just over 12% last year. …

Russia has been reported to have resorted to increased use of its own oil tankers to deliver its crude oil to buyers. EU and its American allies had levied strict sanctions banning all Russian crude oil imports to EU nations transported…

Russia stands the risk of losing about $300 million per day, once new European Union restrictions on Russian oil products come into force on February 5. A new report from a Finnish research center predicts that the existing EU ban on…

Russia has denied noticing any a price cap on its crude oil on sale. The embattled invader of Ukraine also claims not having seen the impact of the price cap mechanism. Russian news agency, TASS, yesterday quoted Kremlin spokesman,…

Russia has unveiled plans to monitor international crude oil prices to limit barrel discounts. The move is aimed at combating the price cap from the G7 and European Union, Bloomberg reported yesterday.The agency said Russia’s federal…

India is reported to be taking advantage of cheap Russian cargoes boost it import with large volumes of discounted Russian crude, while importing some of Russia’s Arctic crude oil varieties for the first time. A report said since the…

Total German gas imports dropped by 12.3% compared to 2021, with an indication that Norway emerged Germany’s single-largest natural gas supplier in 2022, ahead of Russia. Data from the German Federal Network Agency, Bundesnetzagentur,…

China and India have taken up positions and are now buying Russia’s crude grades from the Arctic, which used to be sold in Europe before the EU embargo. The two countries became the two biggest buyers of Russian oil since the invasion…

In fulfillment of his promise to take the sanctions back to the promulgators or and supporters anytime soon, the Russian leader, President Vladmir Putin has banned the supply of Russian oil to countries observing the price cap. World…

Russia’s deputy prime minister, Alexander Novak has said that his country’s oil exports will grow by 7.5% to 242 million metric tons in 2022, while oil output is expected to increase by 2%. Novak, who spoke to TASS in an interview,…

...By buying up Chinese Yuan on the currency market Putin is sure not sitting and grappling with the effect of Western sanction. Reports yesterday said he currently on a plan to start making purchases of the Chinese currency, Yuan, on…

Moscow is beginning to feel the heat of its war in Ukraine, and could be losing as much as $4 billion a month in energy revenues. Russian President, Vladimir Putin has inaugurated the Kovykta natural gas field in eastern Siberia,…

It is expected that exports of Russia's flagship Urals crude blend from the Baltic Sea ports will probably fall to around 5 million tonnes this month from 6 million tonnes in November, following the EU embargo on Russian oil and a Western…

...Says it may backfire Head of the European Union Agency for the Cooperation of Energy Regulators (ACER), Christian Zinglersen, has argued that, after all, the EU’s price cap on natural gas, being an untested tool, may not achieve…

As effects of the Western sanctions on Russian oil kick in and Western buyers shun or banned imports of many Russian energy products, reports said yesterday that China’s imports of oil, pipeline gas, LNG, and coal from Russia have hit a…

It is the first full week of G7 and EU economic sanctions against Russia, and data compiled by Bloomberg shows that Russian oil exports has tumbled by more than half. The report said that in the week that ended December 16, which marked…

Europe’s biggest economy, Germany, has seen the share of Russian gas in its gas mix drop to some 20% this year from 55% last year, per data from energy lobby group BDEW cited by Bloomberg on Tuesday. Russia started gradually cutting gas…