Tag: Alexander Novak

No plans to create new Russia-OPEC alliance

No plans to create new Russia-OPEC alliance

The Kremlin stated on Tuesday there are no substantial ongoing talks with regards to forming an alliance between Russia and OPEC. In December Russian Energy Minister Alexander Novak said it was un likely that OPEC and other oil producers would establish a joint structure as a result of the increased […]

Russian output down, but misses January target

Russian output down, but misses January target

Russia’s oil production fell by 35,000 barrels per day from October 2018 levels to 11.38 million bpd, down from 11.45 million bpd in December, although missed its global deal commitments. Russian Energy Minister Alexander Novak said Russia’s total cuts would amount to 50,000 bpd between October 2018 and January of […]

Russia’s production cut must be gradual

Russia’s production cut must be gradual

Russian Energy Minister Alexander Novak has said weather and geological conditions mean the country cannot reduce its oil output too quickly, as he reiterated Moscow’s commitment to the new OPEC+ deal. Last week, Khalid al-Falih, the energy minister of Saudi Arabia and a key figure of OPEC, said Russia were […]

Russian coal hits five year high

Russian coal hits five year high

Russian coal production and exports hit their highest levels since 2013, according to S&P Global Platts estimates based on data from Russia’s Energy Ministry. Exports increased by 3.4% in 2018 compared to the previous year to reach its highest level since S&P Global Platts began collecting data on the Russian […]

Russian production reaches record high

Russian production reaches record high

Russia’s oil production hit a post-Soviet record high of 11.6 million barrels per day in 2018, according to data from the country’s energy ministry. Last year’s output exceeded the previous annual record average of 10.98 million bpd, which was set in 2017, and comes after all Russian majors saw an […]

Oil prices drop nearly 5% on concerns over size of OPEC cut

Oil prices drop nearly 5% on concerns over size of OPEC cut

Oil prices plummeted by nearly 5% on Thursday after Saudi Arabia said OPEC and its allies were working towards reduced cuts, causing concerns that the bloc is struggling to deal with the recent supply glut ahead of its meeting. Saudi energy minister Khalid al-Falih said OPEC and allies, including Russia, […]

Russian oil dips ahead of OPEC meeting

Russian oil dips ahead of OPEC meeting

Russia’s oil production dipped last month according to new federal data which comes just days ahead of an OPEC summit that is expected to result in another production cut. Data from November shows Russian output had dropped to 11.369 million barrels per day from 11.41 million bpd in October. Prior […]

OPEC and Russia reject Trump’s call to increase production

OPEC and Russia reject Trump’s call to increase production

Saudi Arabia and OPEC’s biggest oil producing ally, Russia, have ruled against any immediate increases to crude output, despite calls from US President Donald Trump to boost production in a bid to cool the market. Trump reinforced his demands for OPEC to help lower prices after international benchmark Brent crude […]