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Extent of OPEC+ output restrictions drawn up to tackle price crisis leaves Baku with little choice but to include energy major in reductions.
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
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.
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 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.
American sanctions leave Europe unable to offer Iran the economic support it demands for compliance.
Saudi Arabia plans to expand its sukuk borrowing programme to cover the budget deficit caused by low oil prices
Iran and Turkey assure Azerbaijan they have not provided Nagorno-Karabakh or Armenians with COVID-19 relief
Economy forecast to shrink by 0.9%.
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.
Economically besieged Islamic Republic’s year looks set to hinge on whether tormentor-in-chief is re-elected.
Largest Turkish refiner Tupras ‘has cut runs at Izmir refinery by 50% due to pandemic impact on fuel demand’
Fitch Ratings has cut its short and medium-term oil and natural gas price assumptions in expectation of very large market oversupply in 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.
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
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.
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.
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.
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 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 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.
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.
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.