Latest news with #RosneftPJSC
Mint
21 hours ago
- Business
- Mint
Russia's Top Oil Executive Says OPEC Was Astute to Boost Output
(Bloomberg) -- Steps taken by the OPEC group to boost oil supplies have proved astute, given developments in the Middle East conflict, according to Rosneft PJSC Chief Executive Officer Igor Sechin. 'The decision by OPEC leaders to raise production at accelerated rates appears highly far-sighted today, and from a market perspective, justified, considering consumer interests amid uncertainty about the scale of the conflict between Iran and Israel,' Sechin said at the St. Petersburg International Economic Forum on Saturday. Eight OPEC nations have expanded output by more than expected for three consecutive months. They are set to convene on July 6 to consider adding more barrels in August. Saudi Arabia favors further large increases in order to recoup market share as quickly as possible, people familiar with the matter said earlier this month. Sechin, a key ally of President Vladimir Putin, has previously criticized Russia's cooperation with the Organization of the Petroleum Exporting Countries. According to Sechin, Russia was losing market share, while US shale producers were increasing theirs. Rosneft, Russia's biggest oil producer, has based its 2025 business plan on an oil price of $45 per barrel, while the projection for next year is $42 to $43, Sechin said at the forum. The estimates are conservative as the company 'doesn't want to depend on the volatility' that's evident in the oil market currently, he said. It's been a turbulent week in the global oil market, with futures swinging in a range of around $8. Volatility has spiked to the highest since 2022 as Israel and Iran exchanged multiple strikes.
Yahoo
a day ago
- Business
- Yahoo
Russia's Top Oil Executive Says OPEC+ Was Astute to Boost Output
(Bloomberg) -- Steps taken by the OPEC+ group to boost oil supplies have proved astute, given developments in the Middle East conflict, according to Rosneft PJSC Chief Executive Officer Igor Sechin. Security Concerns Hit Some of the World's 'Most Livable Cities' One Architect's Quest to Save Mumbai's Heritage From Disappearing JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown 'The decision by OPEC+ leaders to raise production at accelerated rates appears highly far-sighted today, and from a market perspective, justified, considering consumer interests amid uncertainty about the scale of the conflict between Iran and Israel,' Sechin said at the St. Petersburg International Economic Forum on Saturday. Eight OPEC+ nations have expanded output by more than expected for three consecutive months. They are set to convene on July 6 to consider adding more barrels in August. Saudi Arabia favors further large increases in order to recoup market share as quickly as possible, people familiar with the matter said earlier this month. Sechin, a key ally of President Vladimir Putin, has previously criticized Russia's cooperation with the Organization of the Petroleum Exporting Countries. According to Sechin, Russia was losing market share, while US shale producers were increasing theirs. Rosneft, Russia's biggest oil producer, has based its 2025 business plan on an oil price of $45 per barrel, while the projection for next year is $42 to $43, Sechin said at the forum. The estimates are conservative as the company 'doesn't want to depend on the volatility' that's evident in the oil market currently, he said. It's been a turbulent week in the global oil market, with futures swinging in a range of around $8. Volatility has spiked to the highest since 2022 as Israel and Iran exchanged multiple strikes. Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags Ken Griffin on Trump, Harvard and Why Novice Investors Won't Beat the Pros Is Mark Cuban the Loudmouth Billionaire that Democrats Need for 2028? The US Has More Copper Than China But No Way to Refine All of It Can 'MAMUWT' Be to Musk What 'TACO' Is to Trump? ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Mint
a day ago
- Business
- Mint
Russia's Top Oil Executive Says OPEC Was Astute to Boost Output
(Bloomberg) -- Steps taken by the OPEC group to boost oil supplies have proved astute, given developments in the Middle East conflict, according to Rosneft PJSC Chief Executive Officer Igor Sechin. 'The decision by OPEC leaders to raise production at accelerated rates appears highly far-sighted today, and from a market perspective, justified, considering consumer interests amid uncertainty about the scale of the conflict between Iran and Israel,' Sechin said at the St. Petersburg International Economic Forum on Saturday. Eight OPEC nations have expanded output by more than expected for three consecutive months. They are set to convene on July 6 to consider adding more barrels in August. Saudi Arabia favors further large increases in order to recoup market share as quickly as possible, people familiar with the matter said earlier this month. Sechin, a key ally of President Vladimir Putin, has previously criticized Russia's cooperation with the Organization of the Petroleum Exporting Countries. According to Sechin, Russia was losing market share, while US shale producers were increasing theirs. Rosneft, Russia's biggest oil producer, has based its 2025 business plan on an oil price of $45 per barrel, while the projection for next year is $42 to $43, Sechin said at the forum. The estimates are conservative as the company 'doesn't want to depend on the volatility' that's evident in the oil market currently, he said. It's been a turbulent week in the global oil market, with futures swinging in a range of around $8. Volatility has spiked to the highest since 2022 as Israel and Iran exchanged multiple strikes. More stories like this are available on
Bloomberg
21-05-2025
- Business
- Bloomberg
Russia's Top Oil Producer Buys Giant Siberian Rare-Earth Deposit
Russia's largest oil producer bought a giant Siberian rare-earth deposit, which may become an area of cooperation with the US. State-run Rosneft PJSC acquired closely held Vostok Engineering, which holds the license for Tomtor, on May 20, according to Russia's national commercial registry.
Bloomberg
14-03-2025
- Politics
- Bloomberg
Russia Says Drone Attack Causes Fire at Tuapse Oil Refinery
Ukrainian drone attacks triggered a massive fuel tank fire at Rosneft PJSC 's Tuapse oil refinery, one of the biggest in Russia. The area of the fire is more than 1,000 square meters, regional governor Veniamin Kondratyev said in the Telegram post. There are no casualties and 121 people are fighting the blaze.
