Gunvor to reduce footprint in Russia

Oil prices have fallen by over 20% in the last couple of months. Brent is currently trading $30 below its summer spike to $115 per barrel and many are left wondering what the Saudis are playing at.

Rosneft is looking for some financial relief from Russia’s sovereign wealth fund

The Ukraine crisis caused relations between Russia and the EU to fall to their lowest point since the Cold War. But despite the bickering and outright conflicts, both still need each other: Europe relies on Russian gas to keep warm, and Russia in turn needs revenues. With winter on its way and capital flight from Russia reaching dangerous levels, the outlook should draw the EU and Russia back together.

Oil companies in Russia, the world's biggest producer which has budgeted for $100 crude, played down the oil price drop, saying it would not last and would not damage long term projects.

As the European calls for diversification away from Russian sources of natural gas continue in the wake of the Ukraine crisis, a just released study from The Brookings Institution shows that the European Union is likely to be using a lot of Russian gas even by the year 2040.

Europe’s natural gas supply mix likely won’t change much without drastic policy interventions despite recent renewed concern over instability in Ukraine, a new Brookings Institution policy brief concluded. This effectively will ensure a continuing significant market share for Russia, it said.

Bulgaria, Finland and Estonia could suffer major gas shortages if Russia cut off all its gas deliveries for six months, according to a report released Thursday by the European Commission.

Bank of America Corp. and BNP Paribas SA predict prices will hold above $80 a barrel. Commerzbank AG also sees that level as a possible low for Brent crude. They’re in part counting on OPEC cutting output -- some say as soon as next month -- to compensate for recent declines in demand.

Russian state gas giant OAO Gazprom said second-quarter profit rose 13% on higher sales and prices which offset provisions for non-payment by Ukraine’s Naftogaz.