Tag Archives | Russia

Top 10.jpg

Top 10 posts in 2009

Blog readers have a wide range of interests. That is clear from the list below of the Top 10 posts in 2009. It also confirms the complexity of the chemical industry, and its fascination. In alphabetical order, it is as follows: • Bubble, bubble, toil and trouble • Companies remain cautious on the outlook • […]

Continue Reading
WTI, S&P Sept09.jpg

Oil prices continue to plateau

Last year, OPEC meetings led to newspaper headlines. But today’s session in Vienna seems to have slipped off the radar. Yet the oil market remains as important as ever to chemical companies. As the chart shows, the prime driver for oil prices (blue line) is still the financial market. Traders continue to believe recovery is […]

Continue Reading
Russia May09.jpg

Russia’s chemical production tumbles

Last week’s global production numbers highlighted the startling collapse in output from Central & Eastern Europe. This was the worst regional performer in Q1, and the blog decided to investigate further. Russian output is key to the region’s performance. And the chart, based on data kindly provided by ICIS’s Sergei Blagov, shows how all parts […]

Continue Reading
IEA logo left.jpg

IEA revises down oil demand

The International Energy Agency (IEA) has cut its estimate of expected global GDP growth in 2009 to just 1.2%. It therefore expects the world to record its first back-to-back annual decline in oil demand since 1982/3. It says oil production last month was unchanged at 86.2mbd, despite OPEC cutbacks and the first fall in Russian […]

Continue Reading
Russia.jpg

Russia’s economy stalls

A few months ago, Russia’s economy seemed to be recovering from its problems in the late 1990′s. High prices meant oil revenues were increasing, and the currency was strong. Now, the combination of the oil price collapse and the credit crunch has reversed the position. Yesterday, the central bank was forced to raise rates to […]

Continue Reading
G-20.jpg

G-20 tries to support growth

The G-20 was created in 1999, after the financial crises that had hit emerging countries from 1997 onwards. It includes the G7 group of major industrial companies, plus the main emerging economies, including the BRIC countries (Brazil, Russia, India, China). Its ministerial meeting this weekend became a preparatory session for its first-ever Heads of State […]

Continue Reading

Oil producers at a crossroads

The blog has been thinking about last week’s leaked report from the International Energy Agency (IEA). This said that the world needs “to invest $360bn each year until 2030 to replace falling oil production and increase supply”. The IEA based this sum on a new analysis of 500 oilfields, which showed the current depletion rate […]

Continue Reading
STOCKS.jpg

The global stock market decline

Alan Greenspan’s comments (below), led the blog to investigate how the world’s major stock markets had moved since their recent peaks. All, as shown in the chart, are now in bear markets. Stock markets often forecast economic developments 6 – 12 months ahead, and so this represents a negative indicator for future chemical demand. Also […]

Continue Reading
putin.jpg

Russia’s oil trader

Increases in Russian oil supply have played a major role in balancing world oil markets, at a time when other non-OPEC sources such as the N Sea have been declining. Production rose from 6.2mbd in 1999 to 9.6mbd by 2006. But as I noted last month, there are signs it may now have peaked. The […]

Continue Reading
crudeApr1.bmp

Russian crude supply ‘peaking’

Russia is the world’s 2nd largest oil producer. And it has been the main source of increased crude production in recent years. Its output rose 58% between 1999-2006, from 6.2mbd to 9.8mbd. Now Lukoil’s VP, Leonid Fedun, has told the Financial Times that he thinks 2007 output will be ‘the highest he will see in […]

Continue Reading