Gasoline Shortage Looms in Russia

Source: The Wall Street Journal, Jacob Gronholt-Pedersen (4/27/11)

"Russian car-owners are seeing petrol stations halt operations across the country."

The Wall Street Journal, Jacob Gronholt-Pedersen - The world's biggest oil producer Russia is facing gasoline shortages in some parts of the country, as prices are kept artificially low, leading producers to cash in on higher fuel prices abroad.

Russian car-owners are seeing petrol stations halt operations across the country, following an order by Prime Minister Vladimir Putin in February to investigate steep increases in gasoline prices, which led producers to ship more fuel for exports.

Russia consumes about half of the 10 million barrels it produces a day domestically, but prices on oil products, including gasoline, are kept artificially low. The government's attempt to control gasoline prices is just one of several measures aimed at curbing inflation—a key political issue with elections less than a year away, as higher gasoline prices could hurt Mr. Putin's popularity.

Russia's antimonopoly agency has repeatedly accused the country's top oil producers of increasing prices for diesel and jet fuel.

After gasoline prices rose at the end of last year and another 4% in January, Prime Minister Vladimir Putin in February warned the country's top oil executives against price fixing. Mr. Putin accused them of trying to "crudely exact maximum gains" and vowed more oversight of the fuel business, effectively capping prices. As a result, prices declined both in February and March, despite the continued surge in global crude prices.

"The domestic prices are being held artificially low due to pressure from regulatory authorities," TNK-BP's Chief Financial Officer Jonathan Muir said Wednesday.

Option Partner to Continue Operations at Energy Firm's Texas Oil & Gas Project
Source: Streetwise Reports (01/23/2021)

The efforts will meet Torchlight Energy Resources' development requirements at Hazel.

Target Price Raised on Energy Firm Making 'Transformative Acquisition'
Source: Streetwise Reports (01/06/2021)

The terms and benefits of Earthstone Energy's purchase of an oil and gas company, an "eye-catching act of deal making," are presented in a ROTH Capital Partners report.

Energy Firm to Combine with Materials, Nanocomposites Company
Source: Streetwise Reports (12/16/2020)

Torchlight Energy Resources sees the transaction providing its shareholders "access to the multibillion-dollar markets that Metamaterial serves."

Oil & Gas Producer Reports on Thailand Operations
Source: Streetwise Reports (12/02/2020)

Pan Orient Energy Corp. reports on continuing drill operations in Thailand.

Energy Company Boosts Thailand Oil Production, Offers 'Low Risk Production Growth'
Source: Streetwise Reports (11/19/2020)

The highlights of Pan Orient Energy's third quarter are presented in a Mackie Research Capital Corp. report.

Texas Oil & Gas Firm to Sell Its Stake in Delaware Basin Project
Source: Streetwise Reports (11/18/2020)

For its interest, Torchlight Energy Resources is to receive $350,000.

Oil & Gas Firm Reports Q3 Operational, Financial Results
Source: Streetwise Reports (11/16/2020)

Pan Orient Energy and its joint venture partner continue producing and selling oil from its L53 Concession in Thailand, which are funding ongoing exploration work there.

Texas Oil & Gas Explorer Completes Fracking of Midland Basin Well
Source: Streetwise Reports (11/11/2020)

The next step for Torchlight Energy's well at Hazel is flowback, which is to start next week.

Altus Midstream Shares Flow Higher on Q3 Earnings and Plans for $1.50/Share Dividend in Q1/21
Source: Streetwise Reports (11/05/2020)

Shares of Altus Midstream Co. traded 170% higher after the firm reported Q3/20 financial results and announced plans to pay a quarterly dividend of $1.50 per share beginning in March 2021.