Deputy Prime Minister Alexander Novak has said that Russia is willing to cut its crude oil production, if necessary, as part of its response to the G7 price cap of $60 per barrel on the country’s crude exports. Novak told the Rossiya 24 television channel that output could fall by …
Read More »Novak: Russian Oil will always have Buyers
Russian oil has always been in demand in the world market and will always have buyers, given the growth in the economy and limited supply, Deputy Prime Minister Alexander Novak said. “Global consumption and economic growth needs energy. There is not much oil in the world, and Russian oil has …
Read More »Russia to Invest $4.5 Billion in Iran’s Oil Fields
Iran’s Oil Minister Javad Owji has said Russian investors have finalized a contract with Iran for developing seven oil and gas fields worth $4.5 billion. “So far, Russian investors and companies have finalized a contract with Iran for developing seven oil and gas fields worth 4.5 billion dollars, and some …
Read More »Russia Supports OPEC+ Deal Extension, Country’s Oil Output may Grow in 2022
Russian oil production may increase this year, Deputy Prime Minister Alexander Novak said on Thursday, despite Western sanctions over Ukraine, while the country supports OPEC+ deal extension beyond 2022. He said production of oil and gas condensate is expected at between 520 million tonnes and 525 million tonnes in 2022 …
Read More »Russia’s Oil Production has Plunged even as its Revenue Climbs
Russian oil production has been falling since its invasion of Ukraine. Russia’s crude producers are struggling to place all their oil on the market—especially the European one—and domestic refinery throughput is also slumping amid lower demand. Despite this, rising oil and gas prices have resulted in record-high oil and gas …
Read More »Iran Says in Talks with Russia over Development of Bushehr Nuclear Power Plant
The spokesman for the Atomic Energy Organization of Iran (AEOI) says the organization is in talks with Russia over the development of Iran’s Bushehr nuclear power plant. AEOI spokesman Behrouz Kamalvandi said on Wednesday that Iran and Russia had good bilateral relations, including in the nuclear field, and were negotiating …
Read More »Novak: Russia’s Crude Production up in May
Russia’s crude oil production is on the rise so far in May, Deputy Prime Minister Alexander Novak told TASS news agency on Monday. Russia’s crude oil production slipped by half a million bpd in March, by a full million bpd in April, with many analysts stating concern that those barrels …
Read More »Russia Says some Buyers Agreed to Rubles-for-Gas Payments
Some of Russia’s natural gas customers have agreed to pay in rubles for Russian gas, Deputy Prime Minister Alexander Novak said on Friday. Last month, Vladimir Putin said that “unfriendly” nations should pay in rubles for natural gas. Russia had set a March 31 deadline for the countries it considers …
Read More »Russia Warns of $500-A-Barrel Oil
Oil prices will jump to $300 a barrel if the West abandons Russian oil, the country’s Deputy Prime Minister and former Energy Minister Alexander Novak said on Monday, adding that “some see it possibly reaching $500 a barrel”. The warning comes as the EU plans to discuss placing an embargo …
Read More »Russia Warns of $300 Oil, Threatens to Cut off European Gas if West Bans Energy Imports
Russia has threatened to close a major gas pipeline to Germany and warned of $300 oil prices if the West goes ahead with a ban on its energy exports. “It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market,” Russian Deputy …
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