Kazakhstan, the oil-rich Caspian nation that cheated almost immediately on recent oil production quotas in the OPEC crude oil production cut deal, says it now wants out of any OPEC production agreement immediately. Kazakhstan has invested very large sums in developing its oil drilling infrastructure over the last decade and…
Armenia To Choose Between Energy Diversification And Loyalty To Russia.
Poll: More Russians Skeptical About Putin’s Economic Course.
Russian President Vladimir Putin today held his question-and-answer session with the Russian public, an annual tradition known as “The Direct Line.” Callers from all over the Motherland asked their president questions via a video link, televised live for four solid hours. Although there were a few chances for Mr. Putin…
Russia, Saudis See Oil Levels Dropping After Price Drop.
Kazakhstan Boosts Production Despite OPEC Pledge.
Image by Artur1917 Russia can live forever on $40 oil said Russia’s Economy Minister Maxim Oreshkin at the St. Petersburg Economic Forum today in an interview with Bloomberg. In the Kremlin’s eyes, they have already achieved their targeted goal of reducing inventory levels of crude around the world and are…
Russia has maintained its lead over Saudi Arabia in oil production for the second month in a row. The two nations are vying for market share in China as the Chinese economy continues to grow in mid-single digits. OPEC and Russia agreed to production limits to reduce the glut of…
The Russian Minister of Economic Development, Maxim Oreshkin, said last week that the Kremlin expects the price of crude oil to weaken again to the $40 area and stay there. “The basic precondition from the standpoint of oil price is that oil prices will drop to $40 per barrel in…