Tag Archives: Alexander Novak

The deal was announced after Novak held bilateral meetings with several counterparts.

Energy Minister Alexander Novak said it would take Russia ``months`` to get down to its requested level.

Libya has been given a pass due to its chronic production outages.

OPEC resumes discussions in Vienna on Friday before heading into a meeting with non-OPEC oil producers led by Russia later in the day.

Alexander Novak will hold separate bilateral meetings with the oil ministers of Saudi Arabia and Iran.

Two of OPEC’s members. Libya and Nigeria. have asked to be exempt from the cuts like they were for the last round of cuts.

OPEC delegates have said the group and its allies could cut by 1 million bpd if Russia contributed 150.000 bpd of that reduction.

The production decline is the first since the beginning of this year.

A decision on the production policy in 2019 can be reached at an OPEC+ ministerial meeting in Vienna on December 6-7.

Saudi Aramco plans to boost its gas production to 23 billion standard cubic feet (scf) a day from 14 billion scf now.