The oil ministers of Russia and Saudi Arabia plan to discuss a broad cooperation agreement on Thursday at an economic forum in St Petersburg, two sources told Reuters.
Last year’s decline of Brent oil prices and its continuation in early 2015 brought about the plunge of the ruble against U.S. dollar and euro. The drop was also spearheaded by the Western sanctions on Russia that have spurred capital flight.
Russia has been holding active, "unprecedented" consultations with the Organization of Petroleum Exporting Countries, a senior official said on Wednesday, a clear signal of Moscow's strive for higher oil prices, Reuters reported.
Russian oil output edged up 0.6 percent in March to a post-Soviet high of 10.71 million barrels per day on increased production at Gazprom and Rosneft, Energy Ministry data showed on Thursday, writes Reuters.
China and Russia are set to finalise an agreement later this year on piped gas from Western Siberia. The natural gas deal would, if completed, see 30 billion cubic metres of gas per year supplied from Russia’s Altai region.
Russia is again offering Ukraine a $100 discount per 1,000 cubic meters of gas, extending the so-called winter package into the second quarter.
Russia is using natural gas as a political tool and the United States needs to know if it is “on the same page” with Turkey regarding Russia’s actions, a top U.S. energy envoy has said.
Ukraine is currently buying only 30% of natural gas in Russia, Ukraine’s Finance Minister Natalia Yaresko said Friday.
Belarus refuses to supply petroleum products to Russia in the amounts agreed earlier, the Vedomosti newspaper has reported, citing officials and a source familiar with the discussion.