Wednesday, September 27, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home OPEC

Russia plans to drill oil wells and pump in 2022 when OPEC+ deal expires

1 year ago
in OPEC
Asia Distillates-Gasoil cash differentials rise to highest since March-end
Share on FacebookShare on Twitter


MOSCOW (Reuters) – The Russian government has tentatively approved a plan on drilling idle oil wells in order to prepare for restoration of oil production once the global deal on output curbs expires in 2022, according to a government statement published on Tuesday.

Russia has agreed to cut its oil production by around 2.5 million barrels per day (bpd) to 8.5 million bpd, lowest for more than a decade, in May and June as part of the deal with the Organization of the Petroleum Exporting Countries.

The office of First Deputy Prime Minister Andrey Belousov said a government commission met on Tuesday and agreed to support proposals of the energy and finance ministries to help oil producers to set up a fund of “unfinished oil wells”.

The move is aimed at helping the oil servings companies at a time of a falling demand for their work amid the global production curbs and the spread of the novel coronavirus.

The statement cites Energy Minister Alexander Novak, who said that the oil producers will order services and equipment from the Russian oil servicing companies with the financial help of the local banks for drilling wells.

The wells will be drilled in 2020-2021, but they will stay idle until April 2022 when the current deal expires. The wells will be subsequently launched duting next few years in line with the expected gorwth in demand.

“The measure will stimulate oil companies to invest funds into further development of fields,” the statement said.

The energy ministry was tasked with working on the project completion by June 5 for “further cooperation with the banking society”.

Reporting by Darya Korsunskaya; writing by Vladimir Soldatkin; Editing by David Gregorio

Our Standards:The Thomson Reuters Trust Principles.



news.google.com

Latest Oil News

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

February 1, 2023
‘OPEC does not control the price’: OPEC President | OPEC News

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023
OPEC+ Closely Watches Chinese Factory Data

OPEC+ Closely Watches Chinese Factory Data

January 30, 2023
Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
Tags: Asia / PacificCentral / Eastern EuropeCIS CountriesCrude OilDealDiplomacy / Foreign PolicydrillEast European CountriesEmerging Market CountriesEnergy (Legacy)Energy (TRBC)Energy MarketsEuropeexpiresGlobalInternational TradeMiddle Eastnatural gasoilOil and Gas (TRBC)Oil RefineriesOPECOrganization of the Petroleum Exporting CountriesplanspumpRussiaSaudi ArabiaUSwells
Previous Post

Oil companies raise margins as consumers suffer fuel price blues, Energy News, ET

Next Post

Oil Price Rise Blamed in Part on OPEC, Russian Output Shortfalls

Related Posts

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

by Oil Market News
February 1, 2023
0

US stocks went on a Fed rollercoaster ride; weakening after the statement suggested the Fed will stick to their rate...

‘OPEC does not control the price’: OPEC President | OPEC News

‘OPEC does not control the price’: OPEC President | OPEC News

by Oil Market News
January 31, 2023
0

OPEC chief talks about output cuts, price volatility, and Russia’s war in Ukraine and its effect on oil prices.Ministers from...

OPEC+ Closely Watches Chinese Factory Data

OPEC+ Closely Watches Chinese Factory Data

by Oil Market News
January 30, 2023
0

While all eyes are temporarily on the Federal Reserve’s rate hike plans and a virtual meeting of OPEC+ ministers–both on...

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

by Oil Market News
January 29, 2023
0

There will be no shortage of potential market moving events this week!  After the Bank of Canada hiked rates by...

Top 20 Oil Exporting Countries in 2023

Top 20 Oil Exporting Countries in 2023

by Oil Market News
January 28, 2023
0

In this article, we take a look at the top 20 oil exporting countries in 2023. If you want to...

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

by Oil Market News
January 27, 2023
0

OPEC to Stay the Course on Oil Production Agreement; China's Reopening Bullish for Commodities, RBC Capital Markets Says Marketscreener.comOil Gains...

Next Post
Oil Price Rise Blamed in Part on OPEC, Russian Output Shortfalls

Oil Price Rise Blamed in Part on OPEC, Russian Output Shortfalls

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

Investors have very little to be thankful for in 2022

Investors have very little to be thankful for in 2022

10 months ago
Oil down on strong dollar, recession worries and hawkish Fed talk

Oil down on strong dollar, recession worries and hawkish Fed talk

12 months ago
Total beats earnings estimates, boosts renewables investment

Total beats earnings estimates, boosts renewables investment

1 year ago
Expro completes subsea decommissioning of Ireland’s first indigenous gas wells

Expro completes subsea decommissioning of Ireland’s first indigenous gas wells

12 months ago
Oil Poised To Rebound To $125 Amid Tight Supplies

Oil Poised To Rebound To $125 Amid Tight Supplies

1 year ago
ADVERTISEMENT
Crude Oil Shielded From Bond and Stock Market Rout

Diesel/Russia: oil sanctions help tighten supply for industrial fuel

September 26, 2023

Russia dodges G7 price cap sanctions on most of its oil exports

September 25, 2023

Deep divisions over oil and gas industry role challenge UN climate talks

September 24, 2023

Bets on energy transition spark rise in North American pipeline deals

September 23, 2023

Will oil price rally mean even higher air fares?

September 22, 2023

Russia puts squeeze on oil market with diesel export ban

September 21, 2023

Crude Oil

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

February 1, 2023
Oil rises after U.S. fuel stocks draw down; economic concerns loom

Oil prices settle steady on higher U.S. demand, weaker dollar

January 31, 2023
S&P 500 Down 1%; Crude Oil Drops Over 2%

S&P 500 Down 1%; Crude Oil Drops Over 2%

January 30, 2023
Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023

Investing

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

February 1, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023
Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

January 30, 2023
Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023

Market

Crude Oil Shielded From Bond and Stock Market Rout

Diesel/Russia: oil sanctions help tighten supply for industrial fuel

September 26, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Russia dodges G7 price cap sanctions on most of its oil exports

September 25, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Deep divisions over oil and gas industry role challenge UN climate talks

September 24, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Bets on energy transition spark rise in North American pipeline deals

September 23, 2023

OPEC

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

February 1, 2023
‘OPEC does not control the price’: OPEC President | OPEC News

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023
OPEC+ Closely Watches Chinese Factory Data

OPEC+ Closely Watches Chinese Factory Data

January 30, 2023
Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.