Oil market needs OPEC’s custody

The meeting of OPEC and non-OPEC energy ministers was positive and productive.The joint online-session was extremely short. Minister of Energy of the Russian Federation Alexander Novak explained that all decisions were worked out in advance in personal chats and phone conversations.

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Eastmed gas pipeline has neither economic nor political grounds – primacov readings participants

MOSCOW. July 2 (Interfax) – The project to build the EastMed pipeline to carry gas from offshore fields between Cyprus and Israel to other Southeast European countries has neither sound political nor economic grounds, say participants in the Primakov Readings, organized by Interfax and the Institute of World Economy and International Relations (IMEMO) of the Russian Academy of Sciences.

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Oil producers have teamed up for difficult work

Three Russian oil companies Tatneft, Gazprom Neft and LUKOIL have established a joint venture to find and produce hard-to-recover oil in the Volga-Ural region. In a joint statement companies have announced the completion of the deal and the establishment of a joint venture “New Oil Production Technologies”. The companies’ shares in the joint venture are to be split equally.

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The First in the Universe

The world energy industry has reached a fundamentally new level of socio-economic development recently, when the key question has switched from “What do we use for fuel?” to “How do we fuel?”. The industry offers many different energy options from coal to tidal energy. At the same time, humanity makes its choice, turning away from the cheapest and most affordable sources that used to be the trend thirty years ago, to the most environmentally friendly and energy-efficient energy sources. The key global players such as the European Union, Japan, USA, China and Russia are now busy establishing conditions for investment in the development of new energy technologies. One of the most promising options may be the widespread use of hydrogen as fuel and energy storage.

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