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Alexander Novak News

29 Jan 2024

Russian Oil Facilities Hit by Drone Attacks, Fires

© evannovostro / Adobe Stock

Russia energy infrastructure has been hit by drone attacks and fires in the past month, adding to uncertainty in global oil and gas markets already rocked by the conflict in the Middle East.Russia and Ukraine have targeted each other's energy infrastructure in strikes designed to disrupt supply lines and logistics and to demoralise their opponent as they try to get the edge in a nearly two-year-old war that shows no sign of ending.Following are recent major incidents at Russian oil facilities in the past month:* A Russian appointed official said on Jan.

18 Oct 2023

Russia's Western Sea Port Oil Exports Seen Falling as Refinery Runs Rise

© AUUSanAKUL+ / Adobe Stock

Russia's oil exports via its western sea ports in November may fall by some 300,000 barrels per day (bpd) after ample supplies in September-October as domestic refineries are expected to raise runs as seasonal maintenance ends, three sources familiar with the plans said.Urals, Siberian light and KEBCO crude oil exports from Primorsk, Ust-luga and Novorossiisk ports are set to decline by some 300,000 bpd from October to slightly above 2 million bpd, according to the sources familiar…

05 Oct 2023

How Serious is Russia's Fuel Export Ban and Who Will be Hit?

Credit: borissos/AdobeStock

Russia said on Sept. 21 that it had temporarily banned gasoline and diesel exports to all but four ex-Soviet states in response to domestic shortages, a move that will disrupt global trade that has already had to adjust to Western sanctions on Russian fuel exports.Russia eased some of the restrictions on Sept. 25, saying it would allow the export of bunkering fuel for some vessels and diesel with high sulphur content. The government has yet to give a timeline for any further easing…

19 Apr 2023

Oil Exports from Russia's Western Ports Hit 4-year High

© ROMAN DZIUBALO / Adobe Stock

Oil loadings from Russia's key western ports in April will rise to the highest level since 2019, above 2.4 million barrels per day (bpd) despite Moscow's pledge to cut output, trading and shipping sources said.Russian crude exports and transit from the ports of Primorsk, Ust-Luga and Novorossiisk in Arpil will rise above 10 million tonnes, up from 9.7 million tonnes in March.Russia's Deputy Prime Minister Alexander Novak said on Feb.

12 Jan 2023

Russian Oil Revenues Falling Because of Price Cap -US Official

© ROMAN DZIUBALO / Adobe Stock

Russian oil revenues are falling due to the price cap that Western countries imposed on its crude oil shipments and, ahead of further caps on Russia's oil products, Europe is well positioned to manage any price pressures, a U.S. Treasury official said on Wednesday.The Group of Seven countries, Australia and the European Union will extend sanctions on Russia for its war in Ukraine by putting a price cap on its oil products, such as gasoline and diesel, on Feb. 5. The coalition…

14 Oct 2022

Russia Needs Permission for Its Ships to Inspect Nord Stream Damage - Novak

The gas leak at Nord Stream 2 in September seen from the Danish F-16 interceptor on Bornholm. Photo: Danish Defence

Russia needs permission for its vessels to conduct investigations into explosions that damaged Nord Stream pipelines in the Baltic Sea, Deputy Prime Minister Alexander Novak said on Friday. He did not specify who should grant the permission, but Nord Stream AG, the operator of the older Nord Stream 1 pipeline, said last week that the owner of a survey vessel it chartered did not have the greenlight from the Norwegian foreign ministry to depart and start assessing ruptures to the pipelines."The whole question is in the access for our vessels…

29 Dec 2021

Oil Prices Hold Near $80 on Tight Supply and Stocks Drop

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Oil prices held close to $80 a barrel on Wednesday as global supply outages and declining U.S. inventories offset worries that rising coronavirus cases might reduce demand.Brent crude rose to as much as $79.20 a barrel before retreating to trade 24 cents down on the day at $78.70 by 1427 GMT. U.S. West Texas Intermediate (WTI) crude edged 32 cents lower to $75.65 after touching $76.17.Both contracts are trading near their highest in a month, aided by strength in global equities."Markets are overwhelmingly pricing in the latest coronavirus variant as a milder incarnation…

24 Dec 2021

Europe Missing Out on Gas with Nord Stream 2 Delay, Russia says

Credit: Nord Stream 2

Europe, struggling with soaring gas prices, is missing out on additional Russian supplies amid delays to the Nord Stream 2 pipeline, a top Russian official signaled on Friday.Deputy Prime Minister Alexander Novak said European companies that invested in the project, which is awaiting German and EU regulatory approval, would be able to ask for additional gas on top of their long-term contracts via the route."To my mind, European consumers are very interested in the project to start working, while the companies, which participate in it, they could have submitted additional requests as part of lo

17 Sep 2021

Quick Nord Stream 2 Start-up Would Calm Record-high Gas Prices in Europe, Kremlin Says

Credit: Nord Stream 2

A rapid startup of the Nord Stream 2 gas pipeline from Russia to Germany could help calm record-high gas prices in Europe, Kremlin spokesman Dmitry Peskov told reporters on Wednesday, as Moscow awaits for regulatory clearance for gas flows to begin.Russia announced last week that it had completed construction of the $11 billion Nord Stream 2 to Germany, doubling its gas exporting capacity via the Baltic Sea. However, the start of gas flows via the route needs the approval of Germany's regulator…

15 Sep 2021

Rosneft Could Export Gas via Gazprom's Nord Stream 2 Pipeline

Credit: Nord Stream 2

Russia's Energy Ministry is due to prepare a report in the coming days about the possibility of Rosneft exporting natural gas to Europe via the new Nord Stream 2 pipeline, Interfax cited Deputy Prime Minister Alexander Novak as saying on Wednesday.Currently, Kremlin-controlled Gazprom has exclusive rights for Russian pipeline gas exports.Novak said this month that Rosneft had asked the government for permission to export natural gas and the government was reviewing the request.The…

03 Jun 2021

Nord Stream 2 Pipeline Construction Nears Completion

© Nord Stream 2 / Axel Schmidt (file photo)

The Nord Stream 2 gas pipeline under the Baltic Sea is almost complete with just 100 kilometers (62 miles) left to build, TASS news agency quoted Russian deputy prime minister Alexander Novak as saying on Thursday."We hope that construction works on Nord Stream 2 will be completed by the end of this year," Novak told reporters of progress on the pipeline, which will allow Russia to ship more gas to Western Europe while bypassing Ukraine.The United States last month waived sanctions on the company behind the pipeline to Germany, a move opposed by critics of the project in the U.S.

29 Dec 2020

Nord Stream 2 Completes Pipe Laying Works in German Waters

The Russia-led Nord Stream 2 consortium said on Monday it has completed laying pipes for the project in German waters, finishing work on a 2.6 kilometer-long portion of the pipeline, which had been stalled by the threat of U.S. sanctions."We have completed this work," the consortium said in an emailed statement, referring to the pipe-laying in the German economic zone.Earlier on Monday, Refinitiv Eikon data showed the Russian pipe-laying vessel Fortuna has left the Nord Stream 2 gas pipeline construction site in Germany's section of the Baltic Sea.The Fortuna earlier this month resumed work on the pipeline, which will pump gas directly from Russia to western Europe, bypassing Ukraine.

11 Mar 2020

Saudi's Bahri Books 14 VLCCs

Saudi Arabian shipping company Bahri chartered more than a dozen very large crude carriers (VLCCs) in Persian Gulf in 24 hours.According to Reuters, the Saudi Arabia’s National Shipping firm has tentatively chartered as many as 14 super-tankers to ship crude oil to customers worldwide, as the Kingdom follows through with its promise to boost crude oil output.The spike in bookings by Bahri has helped to more than double the charter rates for VLCC amid this week’s ‘fixing frenzy’, shipping sources said. The bookings by Bahri are in addition to its own fleet of 42 VLCC’s which it mainly uses to ship Saudi oil to customers across the world…

20 Jul 2018

Ice-Breaking LNG Carrier Vladimir Rusanov First Call at PetroChina LNG Jiangsu Terminal

Mitsui O.S.K. Lines (MOL) announced that the Ice-Breaking LNG Carrier "Vladimir Rusanov", which is jointly owned by MOL and China COSCO Shipping Corporation Limited for the Yamal LNG project, made its first call at PetroChina LNG Jiangsu Terminal in China on 17 July.A ceremony celebrating this milestone was held on 19 July.At the end of March 2018, the vessel started transportation services for LNG produced by the Yamal LNG plant at Sabetta port in Russia. For its latest voyage, the vessel departed from Sabetta port on 25 June, and had its first opportunity to navigate independently eastwards along the Northern Sea Route without ice-breaker support.The vessel passed the Bering Strait on 6 July, and safely made its first call at PetroChina LNG Jiangsu Terminal in China on 17 July.

03 Aug 2018

Oil Prices Dip as Markets Eye Potential Supply Increases

© Oleksiy Mark / Adobe Stock

Oil prices fell on Monday as concerns about supply disruptions eased and Libyan ports resumed export activities, while traders eyed potential supply increases by Russia and other oil producers.Brent crude futures were down 26 cents, or 0.4 percent, at $75.07 a barrel at 0057 GMT.U.S. West Texas Intermediate (WTI) crude was down 27 cents, or 0.4 percent, at $70.74 a barrel.Supply outages in Libya and strike action in Norway and Iraq pushed oil prices higher late last week, although prices still ended down for a second straight week."Crude oil prices fell as fears of supply disruptions eased.

12 Feb 2018

Russia Could Take 2-5 Months to Exit Oil Output Deal

Russian Energy Minister Alexander Novak said on Monday it could take two to five months to exit a global oil output cut deal with OPEC and non-OPEC countries if and when such a decision was taken, the Interfax news agency reported. Global producers late last year extended a global oil output cut deal between members of the Organization of the Petroleum Exporting Countries and non-OPEC states until the end of 2018. The duration of that deal is expected to be reviewed at OPEC's next meeting in June when member countries will consider the current oil price and forecast prices when considering what action, if any, to take. "It could take three, four, five months or maybe just two (to exit the deal)," Novak said in an interview with Interfax.

25 Mar 2017

Gazprom to Cement LNG Ties with Kuwait

Russia-based energy company Gazprom has negotiated about supplies of liquefied natural gas (LNG)  to Kuwait, reports Tass. The talks continue in "a rather progressive mood,"during the the Energy Minister Alexander Novak’s visit to the Middle East country, the report said. However, it is too early yet to speak about finalizing them. Though Kuwait is satisfied with LNG supplies from Qatar, the parties continued the discussion on a long-term contract. Kuwait is building a new LNG terminal, which should be ready by 2020. Two years ago, Gazprom signed a memorandum of understanding to co-operate in LNG with Kuwait Petroleum Corp (KPC), part of a wider deal between the two countries to forge closer ties in investment, technical and research matters.

18 Jun 2015

Russian Arctic Offshore Drilling Postponed

Russian Arctic offshore drilling set for 2015 to be postponed to 2016 or later - Novak   Russia's Energy Minister Alexander Novak said on Thursday that Arctic offshore drilling planned for this year will be postponed until 2016 or later.   "Drilling of wells (in Russia's Arctic offshore territory) scheduled for 2015 will be delayed to the next year and possibly even longer," Novak told Rossiya-24 state TV in an interview. He did not name specific projects.   Sources previously told Reuters that Russian state oil producer Rosneft will be forced to postpone drilling a second well in the Kara Sea for at least two more years, as a result of Western sanctions over the Ukraine crisis.   (Reporting by Katya Golubkova; Editing by Jack Stubbs)

27 Mar 2015

Russia May Allow More Firms to Offshore Oil

Russia may allow more oil companies to access its offshore projects, Energy Minister Alexander Novak said on Friday.   "In general, the access can be extended," Novak told reporters in Moscow.   An existing law stipulates that only state energy majors Rosneft and Gazprom can explore offshore fields. But Lukoil, Russia's No.2 oil producer, has long called for extending access to private firms as well.     (Reporting by Olesya Astakhova, Writing by Polina Devitt, Editing by Gabriela Baczynska)

23 Dec 2014

Russia: 2014 Crude Exports Down 4.3 pct

Novak says Russian oil output to rise 0.6 pct in 2014; Natural gas production seen down 4 pct this year. Russia's oil exports are expected to fall by 4.3 percent this year, Energy Minister Alexander Novak said on Tuesday, citing preliminary data. He said oil exports will be 229 million tonnes (4.6 million barrels per day), while natural gas production will fall by 4 percent to 641 billion cubic metres (bcm) and exports by 6.7 percent to 183.3 bcm. Russia, one of the world's top oil producers, has been cutting crude exports in recent years due to rising domestic demand and refining volumes. Novak said that crude oil output will edge up 0.6 percent to 526.6 million tonnes, in what would be a post-Soviet record high. Output may edge down to 525 million tonnes next year, he added.

24 Nov 2014

Russia Has No Plan to Cut Oil Output

Russia, the world's biggest energy exporter, does not plan to cut oil production to shore up prices, Rossiya 24 television quoted Energy Minister Alexander Novak as saying on Saturday. Russia, which relies on oil and gas exports for about half its federal budget, has been hit this year by a fall in global oil prices as well as by Western sanctions over its role in the Ukraine's crisis. The Energy Ministry confirmed Novak's quote to Reuters, adding that it was part of an interview with state-run Rossiya 24, the full version of which has yet to be aired. It was not immediately clear when the interview was recorded and whether Novak was replying to a remark he made on Friday, when he said Russia was discussing whether to cut oil output but had not yet taken a decision on this.

06 Nov 2014

Sanctions Bite Russian Arctic Oil Shippers

Photo: United Shipbuilding Corporation

Shipping services that support Russia's attempts to extract oil from remote parts of the Arctic will run into difficulties as banks scale back energy financing due to Western sanctions, increasing transport costs for the frontier sector. Sanctions imposed on Russia by the United States and European Union over Ukraine have targeted the delivery of oil technology, goods and services, aiming to make it impossible for Moscow to access new oil sources. The world's largest energy exporter, Russia relies on oil and gas exports for about half its federal budget.

22 Oct 2014

Russian Minister to Intervene with Gazprom on Slovakia Gas Flow

Russia's Energy Minister Alexander Novak will intervene with Gazprom to raise reduced gas shipments to Slovakia to contracted levels, Slovakia's economy ministry said on Wednesday after bilateral talks in Moscow. Slovakia says natural gas flows to its national importer SPP have been reduced by up to 50 percent versus requested amounts since September 5, with Gazprom explaining the reduction by the need to fill up its storage. "Russia's energy minister made a public promise to (Slovak) Economy Minister Pavol Pavlis that he will personally intervene with the highest leadership of Gazprom to return supplies of gas for Slovakia to contracted levels because contract conditions need to be fulfilled," the ministry said in a statement.