Tag: Alexander Novak

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 […]

Russia and Saudi commit to long-term cooperation pledge

Russia and Saudi commit to long-term cooperation pledge

Russian energy minister Alexander Novak and his Saudi counterpart Khalid al-Falih have committed to a long term working cooperation agreement to encourage greater collaboration between OPEC and non-OPEC members. During a meeting in Moscow the two energy ministers discussed extending bilateral ties and the wider global energy market. The Russian […]

Perry: US and Russia can work together

Perry: US and Russia can work together

US Energy Secretary Rick Perry has met with his Russian counterpart, Alexander Novak, where he said the US and Russia could work together, as market leaders, towards the goal of market stability. The leaders of two of the world’s top producers of oil and gas discussed increasing stability in the […]

Russia will continue with OPEC deal

Russia will continue with OPEC deal

Energy Minister Alexander Novak has said that Russia will continue to comply with the OPEC-led production curb until at least the deadline set last November, with potential to extend the deal into 2019. However, Novak added that Russia would be open to an earlier end deal if other members of […]

Russia: Exiting the OPEC deal could take 5 months

Russia: Exiting the OPEC deal could take 5 months

Alexander Novak, Russia’s energy minister, has said it could take between 2 to 5 months to unwind the OPEC-led output cut, if it were to be agreed. Late last year, a deal was struck between global producers to reduce oil supplies in 2018, although the agreement is up for review […]

OPEC and Russia suggest deal could continue past 2018

OPEC and Russia suggest deal could continue past 2018

OPEC and Russia have confirmed they will maintain the oil production cuts deal until at least the end of the year, with signs it could continue beyond December. Several OPEC oil ministers met with their Russian and Omari counterparts to discuss the country’s compliance with the bloc’s agreement to reduce […]