Solar Energy News  
OIL AND GAS
Russia considering sanctions busters
by Daniel J. Graeber
Washington (UPI) May 15, 2018

With its oil and gas sector under pressure from sanctions, the speaker of the Russian house said legislation could easily protect national interests.

"We are granting far-reaching powers to our president and the Russian government, so that our country, our economy and our jobs are protected," Duma Speaker Vyacheslav Volodin was quoted by Russian news agency Tass as saying.

U.S. and European sanctions against Russia reach deep into the country's energy sector. Sanctions imposed by Washington in response to Russian activity in Ukraine targeted Igor Sechin, the head of top Russian oil producer Rosneft.

More than 60 percent of total Russian exports are oil and natural gas, which combine for about 30 percent of the gross domestic product. Volodin said the sanctions pressure from Washington is "thoroughly inimical," hitting more than 400 legal entities and 200 Russian citizens.

"We will do everything that is possible to protect the interests of our state and security, as well as guarantee the rights and freedoms of our citizens," he said.

Russia is party to an effort by the members of the Organization of Petroleum Exporting Countries to drain the surplus from the five-year average in global crude oil inventories through coordinated production cuts. That effort, coupled with global economic growth and geopolitical risk, has pulled the price of oil from below $30 per barrel in early 2016 to more than $75 per barrel for the price of Brent crude oil in 2018.

The average price for Urals crude oil, the Russian benchmark, is up 7.8 percent from the fourth quarter and is 24.8 percent higher year-over-year. Rosneft reported first quarter revenue of $30.9 billion, up 0.8 percent from the fourth quarter and 22.1 percent higher than the first quarter 2017. The company attributed the gain in large part to higher crude oil prices.

Speaking at a meeting of the Eurasian Economic Union, Russian President Vladimir Putin said regional GDP grew by 1.8 percent last year. Economists at OPEC expect the Russian economy to see GDP grow 1.8 percent for this year.

The U.S. Treasury Department in April opened a safety valve by offering some sanctions relief to Russian aluminum producer United Co. RUSAL, the second-largest company of its kind outside of China.

Putin during his meeting Monday said tighter regional trade relations could support further economic growth.

"This week an agreement is to be signed in Astana on trade and economic cooperation with China, in addition to an interim free trade agreement with Iran," he said.


Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


OIL AND GAS
Oil prices stuck in a holding pattern Friday
Washington (UPI) May 11, 2018
Crude oil prices were stuck in something of a holding pattern on Friday as the needle for geopolitical risk spins with no clear direction. Crude oil prices have been elevated for much of the year on the back of heightened geopolitical risk, from a Saudi-Iran proxy war in Yemen to multilateral skirmishes in the Syrian civil war. That risk was most pronounced on Tuesday when U.S. President Donald Trump pulled out of the multilateral Iranian nuclear agreement. After slumping before the anno ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Toward organic fuel cells with forest fuels

Solar powered sea slugs shed light on search for perpetual green energy

Novel approach for photosynthetic production of carbon neutral biofuel from green algae

Energy recovery of urban waste

OIL AND GAS
Human-sounding Google Assistant sparks ethics questions

Google pitches artificial intelligence to help unplug

First robotic system plays tic tac toe to improve task performance

Researchers selected to develop novel approaches to lifelong machine learning

OIL AND GAS
German utility E.ON sees renewable sector growth

Germany's E.ON wants even bigger wind footprint

US renewables firm takes Poland to court over U-turn on windmills

New control strategy helps reap maximum power from wind farms

OIL AND GAS
Tesla reorganizing to speed up production

Self-driving cars for country roads

California lawmakers press for fuel economy standards

Will automated vehicles take the stress out of driving? Research says 'don't count on it'

OIL AND GAS
Microwaved plastic increases lithium-sulfur battery lifespan

World's fastest water heater

Heat and sound wave interactions in solids could run engines, refrigerators

Revealing the mysteries of superconductors

OIL AND GAS
Demonstration proves nuclear fission system can provide space exploration power

Framatome and Vattenfall sign contracts for the delivery of fuel assembly reloads

Balancing nuclear and renewable energy

Framatome receives two patent awards for nuclear innovations

OIL AND GAS
New phase of globalization could undermine efforts to reduce CO2 emissions

Carbon taxes can be both fair and effective, study shows

Trump rolls back Obama-era fuel efficiency rules

Lights out for world landmarks in nod to nature

OIL AND GAS
May the Forest Be With You: GEDI Moves Toward Launch to Space Station

Peruvian Amazon undergoing deforestation at accelerating pace: official

China's native forests imperiled by proliferating tree plantations

Tribal protesters march on Brazil congress over land threats









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.