Tag Archives: Alexander Novak

OPEC is close to reaching an agreement to extend the production cut deal beyond June.

Saudi Arabia and Russia. the two largest producers in the OPEC coalition. voiced concerns that falling oil demand could send prices below $40 bbl as they met in Moscow.

Saudi Arabia’s top oil official said he was sure that OPEC+ will extend production cuts into the second half of the year after holding talks with Russia.

OPEC is close to reaching an agreement to extend the production cut deal beyond its current expiry date at the end of June.

A year ago. in the enduring twilight of one of St. Petersburg’s famous white nights of summer. Saudi Arabia and Russia reached an agreement that set a new direction for the oil market.

Amid the ongoing fears of an escalating trade war between China and the United States. the Energy Information Administration countered the price decline potential of the China factor.

OPEC. Russia and other producers agreed to cut output by 1.2 million barrels per day (bbl d) from January for six months to boost oil prices by reducing global inventories.

The project is under construction in accordance with the approved schedule.

Iranian Energy Minister Reza Ardakanian and his Russian counterpart Alexander Novak. in a telephone conversation. examined the latest status of the joint projects of the two countries in areas of energy cooperation.

Oil prices have rose by more than 30 percent this year.