Energy Focus Washington from

Russia Calls for New Enlarged OPEC Deal to Tackle Oil Demand Collapse

March 27, 2020 Focus Washington

A new OPEC+ deal to balance oil markets might be possible if other countries join in, Kirill Dmitriev, head of Russia’s sovereign wealth fund said, adding that countries should also cooperate to cushion the economic […]

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UAE Joins Saudi in Opening Oil Taps

March 11, 2020 Focus Washington

The United Arab Emirates joined Saudi Arabia on Wednesday in promising to raise oil output to a record high in April, as the two Gulf Arab oil producers in OPEC took a united stand in […]

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Saudi Arabia, Russia Raise Stakes in Oil Production Standoff

March 10, 2020 Focus Washington

Saudi Arabia said on Tuesday it would boost its oil supplies to a record high in April, raising the stakes in a standoff with Russia and effectively rebuffing Moscow’s suggestion for new talks, Reuters informs. […]

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OPEC Seeks Big Oil Cut in Crunch Talks With Russia Amid Virus Outbreak

March 6, 2020 Focus Washington

OPEC holds crunch talks with its allies on Friday after the group told Russia and others it wanted an additional 1.5 million barrels per day (bpd) of oil cuts until the end of 2020, saying […]

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Oil Prices Drop Further as Saudi Arabia Dismisses Reports on OPEC+ Breakup

February 24, 2020 Focus Washington

Saudi Arabia’s energy minister said on Sunday his country is not looking to break with the global OPEC+ pact to cut oil output with other producers, The National writes. Media reports last week suggested Saudi Arabia could […]

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U.S. Energy Exports from Russia See 8-year High in October

February 7, 2020 Focus Washington

U.S. Energy Information Administration (EIA) data published this week reveals that Russia is now the second-biggest oil exporter to the United States, with Russian supplies reaching an eight-year high in October, RBC reports. Russia exported 20.9 […]

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Key to Aramco’s Calm January Lies in Hands of Saudi Stock Owners

February 4, 2020 Focus Washington

January delivered a hefty slice of volatility for oil and global energy stocks as the spreading coronavirus shocked investors. But in Riyadh, shares in Saudi Aramco followed a different narrative in their first full month […]

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Oil Prices Slide Into Bear Market Following Coronavirus Concern

February 4, 2020 Focus Washington

Oil prices slid into bear-market territory on Monday, highlighting investors’ growing concern that China’s deadly coronavirus will hurt the global economy by reducing demand for gasoline, diesel and jet fuel in an already well-supplied market, […]

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Oil Surges as U.S. Airstrikes Kill Iranian Commander

January 3, 2020 Focus Washington

Oil prices rose over $2 a barrel and gold and other safe-haven assets jumped on Friday, as the U.S. killing of a top Iranian commander in an airstrike in Iraq ratcheted up tensions between the […]

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Oil Rise, Lifted by U.S.-China Trade Deal Hopes, OPEC Cuts

December 26, 2019 Focus Washington

Oil prices rose on Thursday, buoyed by a potential breakthrough in the Chinese-U.S. trade war and OPEC-led efforts to constrain supply, although trading was quiet as many markets were in holiday mode, Reuters informed. Brent […]

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Syria Says Rockets Damage Homs Refinery

December 21, 2019 Focus Washington

Rockets were fired overnight at Syria’s main Homs refinery and two gas units causing minor damage and disrupting production, oil officials said on Saturday, calling it a “terrorist attack”, Reuters writes. Fires were extinguished after […]

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Russia Gas Export Pipeline in Jeopardy as U.S. Sanctions Loom

December 21, 2019 Focus Washington

Swiss-Dutch company Allseas said it had suspended work on building a major Russia-to-Germany natural gas pipeline in order to avoid U.S. sanctions contained in legislation signed by President Donald Trump on Friday, Reuters writes. The […]

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OPEC Considering Deeper Production Cuts

December 5, 2019 Focus Washington

OPEC’s meetings appear to be in disarray even before they begin this week, but analysts see a growing chance the fractured group may ultimately agree to deeper production cuts, CNBC writes. Members of the Organization […]

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Oil Prices Slightly Rise Before OPEC Meeting

December 4, 2019 Focus Washington

Oil gained on Wednesday ahead of meetings this week where OPEC and its allies are expected to extend production curbs to support the market, while industry data showing that U.S. crude stockpiles fell more than […]

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Russia Switches on Gas Mega Pipeline to China

December 3, 2019 Focus Washington

Russia switched on an enormous gas pipeline to China worth billions of dollars Monday, affirming increasingly close economic and political ties between the two countries, CNN reports. Named the “Power of Siberia,” the pipeline runs […]

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OPEC November Oil Output Slips Before Aramco IPO

November 30, 2019 Focus Washington

OPEC oil output has fallen in November as Angolan production has slipped due to maintenance and Saudi Arabia has kept a lid on supply to support the market before the initial public offering (IPO) of […]

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Venezuelan Oil to Back Sanctioned Cryptocurrency

November 21, 2019 Focus Washington

Venezuelan President Nicolas Maduro on Wednesday said some 30 million barrels of oil sitting in storage tanks would serve as backing for the OPEC nation’s state-run cryptocurrency, the petro, which has been sanctioned by the […]

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Saudi Arabia Raises October Oil Output

November 11, 2019 Focus Washington

Saudi Arabia raised its oil output in October to 10.3 million barrels per day but kept its supply to the oil markets below its OPEC output target, a Saudi industry source familiar with the kingdom’s […]

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Iran Claims It Found New Oilfield with 53bn Barrels of Crude

November 11, 2019 Focus Washington

Iran has discovered a new oilfield in the southwest of the country that has the potential to boost its reserves by about a third, Iranian President Hassan Rouhani said on Sunday, Reuters informed. “Workers and […]

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Iran Needs Oil at $195 a Barrel Next Year to Balance Budget, IMF Says

October 28, 2019 Focus Washington

Iran would need oil priced at $194.6 a barrel to balance its budget next year, the International Monetary Fund (IMF) said, Reuters informs. Hurt by tighter U.S. sanctions, Iran – a key member of the […]

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Venezuelan Opposition Gets Reprieve in Battle to Keep Citgo

October 25, 2019 Focus Washington

The White House on Thursday temporarily shielded Venezuela’s opposition coalition led by Juan Guaido from losing the country’s valuable U.S.-based Citgo refineries, AP/Voice of America reported. The opposition is banking on profits from its Houston-based […]

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Traders, Vessel Operators Reject Venezuelan Oil

October 11, 2019 Focus Washington

According to Reuters, more vessel operators and energy firms are shunning Venezuelan oil and the tankers that have carried it, according to brokers and traders familiar with the matter. Unipec, the trading arm of China’s […]

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Venezuela Detains Local President of Joint Oil Venture with China

October 7, 2019 Focus Washington

Venezuelan authorities have arrested the president and two other officials in a corruption investigation at state oil company PDVSA’s Sinovensa joint venture with China National Petroleum Corp (CNPC), oil sector and intelligence sources said on […]

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Oil Prices Stable after U.S., Russia Report Decrease in Production

October 1, 2019 Focus Washington

As the world’s largest oil producers including the United States and Russia reported a decrease in oil production in September, oil prices rebounded on Tuesday from losses a day earlier, Reuters reports. Still, a resumption […]

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Saudi Energy Minister Says Oil Production to Be Fully Restored by End of Month

September 17, 2019 Focus Washington

Saudi Arabia’s energy minister said the Kingdom will have restored its oil production by the end of the month after attacks on two major Aramco facillites, Arab News reported. Prince Abdulaziz bin Salman told a press […]

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Putin Says Nord Stream 2 Will Be Finished despite U.S. Threats

August 22, 2019 Focus Washington

Russian President Vladimir Putin said U.S. sanction threats are not enough to stop Russia’s Nord Stream 2 gas pipeline project because Europe needs Russian gas supplies, RIA Novosti reports. “The objective side of the matter is that […]

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U.S. Sends First Ever Batch of Oil to Ukraine

July 13, 2019 Focus Washington

British oil giant BP has sold the first ever batch of crude oil supplied from the United States to Ukrainian state company Ukrtatnafta, Reuters reported. The move is seen as another blow to Moscow amid […]

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Oil Rises as Tensions around Iran’s Nuclear Program Developments

July 8, 2019 Focus Washington

Oil prices rose on Monday, boosted by escalating tensions around Iran’s nuclear program and better-than-expected U.S. jobs data, Reuters writes. Brent crude futures were up 34 cents by 0908 GMT at $64.57. U.S. West Texas […]

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OPEC to Extend Oil Supply Cut as Iran Endorses Pact

July 1, 2019 Focus Washington

OPEC and its allies look set to extend oil supply cuts this week at least until the end of 2019 as Iran joined top producers Saudi Arabia, Iraq, and Russia in endorsing a policy aimed […]

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Exxon’s $53bn Iraq Deal Hit by Contract Snags, Iran Tensions

June 21, 2019 Focus Washington

Just weeks ago, U.S. energy giant ExxonMobil looked poised to move ahead with a $53 billion project to boost Iraq’s oil output at its southern fields, a milestone in the company’s ambitions to expand in […]

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