OPEC has increased its forecast for Russia’s oil output in 2016 by 50,000 barrels per day (bpd) to 11.04 million barrels a day, up by 190,000 barrels YoY. The forecast for the country’s daily oil production in 2017 also amounts to 11.04 million barrels. But the U.S. daily oil output is expected to fall by…
OPEC’s most senior official will discuss the possible participation of Russia in an OPEC production cut, officials in the group said, as the cartel sought to bolster a landmark deal in Algiers. The Organization of the Petroleum Exporting Countries agreed to cut between 200,000 barrels a day and 700,000 barrels a day of their output…
Trans Adriatic Pipeline (TAP) AG hired Ulrike Andres as its new Commercial & External Affairs Director. Andres has held a number of management roles at a senior level in the oil and gas industry and joins TAP from the Transalpine Pipeline Group – Europe’s largest pipeline company transporting crude oil from Trieste to eight central…
Global oil demand growth is slowing at a faster pace than initially predicted, and supply will continue to outpace demand at least through the first half of next year, the International Energy Agency (IEA) said in a report. “Our forecast in this month’s Report suggests that this supply-demand dynamics may not change significantly in the…
The volatility of the currency and commodity markets, as well as high debt in developed countries are constraints for the growth of the world economy, Russian President Vladimir Putin said at an informal meeting of the leaders of BRICS (Brazil, Russia, India, China, South Africa) on the sidelines of G20 summit. He said that “unfortunately,…
The construction of the Trans Adriatic Pipeline (TAP), which is designed to transport Azerbaijani gas to European markets, is progressing fully in line with its schedule, TAP AG said. TAP AG tweeted on August 24, that it started welding pipes in Greece and Albania. All welds undergo ultrasonic testing, TAP said. TAP project envisages transportation…
Second season in a row Russia, Ukraine and Kazakhstan export record high volume of wheat, leaving behind such top-exporters as USA and EU countries. Despite another record in world wheat production in 2016/2017 (+1,2% to 743.44 MMT according to USDA), meaning tougher competition on key wheat export markets, situation looks promising for the Black Sea…