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Azerbaijan ‘forced to tell BP to cut oil production sharply’

24 April 2020

Extent of OPEC+ output restrictions drawn up to tackle price crisis leaves Baku with little choice but to include energy major in reductions.

MOSCOW BLOG: Russia caught out by oil plunge

24 April 2020

Did Russian President Vladimir Putin just screw up in a spectacular fashion? Russia pulled out of the OPEC+ production cut deal on March 6, setting off a downward spiralling of prices that ran out of control

UPDATED: Oil prices fall to less than zero for the first time in history

20 April 2020

Oil prices fell to less than zero for the first time in history as producers ran out of places to store crude on April 20.

Assets of Azerbaijan’s wealth fund fall $2bn in defence of manat from pandemic, oil price upheaval

20 April 2020

Baku has spent the past few years recovering from the previous collapse of hydrocarbon prices and building its financial firepower to fend off any repeat.

Russian utilities in a time of corona, first non-payments appear

16 April 2020

Russian utilities are coming under pressure as customers are expected to start reneging on their bills and demand for power falls off heavily, as most of the country will be on a strict lockdown for all of April.

ALACO DISPATCHES: Europe struggling to salvage Iran nuclear deal

16 April 2020

American sanctions leave Europe unable to offer Iran the economic support it demands for compliance.

Saudi public debt and sukuk in a time of COVID-19 and low oil prices

14 April 2020

Saudi Arabia plans to expand its sukuk borrowing programme to cover the budget deficit caused by low oil prices

Coronavirus, oil prices push Kazakhstan toward recession

3 April 2020

Economy forecast to shrink by 0.9%.

Russia, Saudi Arabia agree to slash oil production, Trump claims

2 April 2020

Donald Trump said on April 2 that Russia and Saudi Arabia would be cutting their output, instead of continuing with a supply war that could result in hundreds of oil companies going out of business. The Kremlin denied his claim.

OUTLOOK 2020/2021 Iran

1 April 2020

Economically besieged Islamic Republic’s year looks set to hinge on whether tormentor-in-chief is re-elected.

Fitch cuts oil price outlook for 2020 from 62.5/bbl to $41/bbl on global recession fears

24 March 2020

Fitch Ratings has cut its short and medium-term oil and natural gas price assumptions in expectation of very large market oversupply in 2020.

Russian pipemaker ChelPipe getting ready for IPO

24 March 2020

With the predominance of oil and gas in Russia’s economy the pipe-making business is a big one. ChelPipe is the market leader and is now considering an IPO.

ContourGlobal abandons €1.3bn coal-fired power station project in Kosovo

17 March 2020

Kosovo’s new Prime Minister Albin Kurti had pledged to stop the 500MW power plant that would have been Kosovo’s largest ever energy investment.

Ukraine's new cabinet offers voluntary tariff cuts for renewables, but ready to go to court in disputes

12 March 2020

Ukraine’s new cabinet shocked investors by threatening to cut generous “green tariff” arrangements retroactively for renewable energy developers. This may prompt a raft of lawsuits from irate investors.

ING: Russia bracing for oil shock: initial thoughts

10 March 2020

The Russian market is facing volatility, with large fiscal reserves and high real rates coming back into investors' focus, but only after the oil- and corona-related dust settles.

Oil price shock sparks rapid revision of budget in Kazakhstan

10 March 2020

Country’s budget based on oil at $50-$55 per barrel compared to $31 caused by failure of OPEC+ talks. Situation could eat up government reserves. Some Kazakhs enter into panic buying of dollars. Central bank hikes key rate 275bp.

Borsa Istanbul loses 5.5% in global stock market meltdown

9 March 2020

Shares in tourism firms fall 10% as market jitters grow over coronavirus impact on Turkey’s big tourism industry, even though country claims to have no recorded COVID-19 infections.

The ruble's value tumbles in Russia's game of geopolitical chicken

9 March 2020

The value of the Russia ruble plummeted in the evening of March 8 as trading began, following the price of oil into the chasm created by an oil price war that has broken out between Russia and Saudi Arabia.

Europe’s plan to introduce a carbon import tax is forcing Russia to go green

8 March 2020

Europe wants to be carbon neutral by 2050, and is about to introduce a carbon import duty that is already forcing Russia’s biggest companies to speed up their efforts to go green.

OPEC+ talks with Russia collapse, oil prices tank

8 March 2020

Talks between OPEC and Russia on a new production cut collapsed on March 6, sending oil prices tumbling to under $50. The Kremlin says it is “comfortable” with the current price and has started a price war designed to undermine the US.

MACRO ADVISOR: Oil War: Who will blink first?

8 March 2020

When Russia refused to back Saudi Arabia’s proposal for a deeper oil production cut in Vienna on March 6, it effectively fired the first shot in what looks like being an expensive and prolonged oil price war.