Tag Archives: Alexander Novak

Oil Price of $40-43 per Barrel more or Less Balanced

The Russian Ministry of Energy considers the current oil price of $40-43 per barrel more or less balanced and does not expect price changes after the weakening of the OPEC+ production restrictions, Energy Minister Alexander Novak told reporters. “No, we do not expect it, because the market is already conscious …

Read More »

Novak: Oil Market Is Balanced and Stable

Russian Energy Minister Alexander Novak said on Wednesday that the global oil market is now balanced and stable following a sudden decline in demand due to the coronavirus pandemic. Speaking after a meeting of the OPEC+ group’s Joint Ministerial Monitoring Committee (JMMC), which had recommended an easing of curbs on …

Read More »

Novak: No Decision yet to Extend Record OPEC+ Cuts

Russian Energy Minister Alexander Novak said OPEC+ hasn’t made any decision yet on extending its deepest output cuts beyond July, while signaling a preference for avoiding repeated changes to the group’s current plan. “Let’s see the situation, technical data, June figures and then the OPEC technical committee will analyze the …

Read More »

Russia Expects OPEC+ to Ease Oil Production Cuts in August

OPEC+ is not discussing or planning changes to its production cut agreement, which should see the oil producers ease the cuts in August, Russia’s Energy Minister Alexander Novak said at an online conference on Thursday. OPEC+, led by Russia and OPEC’s top producer Saudi Arabia, agreed in June to extend …

Read More »

Saudi and Russia Affirm Commitment to Oil Market Stability

Saudi Energy Minister His Royal Highness Prince Abdulaziz bin Salman Al-Saud and his Russian counterpart Alexander Novak reaffirmed their respective countries’ firm commitment to maintaining the stability of the global oil markets. The two ministers held a call today during which they underlined their countries’ joint consultations regarding latest developments …

Read More »

Russia’s Challenge with OPEC

Russian oil producers are confronting their greatest challenge in decades as they try to fend off a historic price slump without permanently damaging their fields. To save the market from collapse caused by the coronavirus, Moscow and its OPEC allies agreed to cut crude output deeper than ever before. Their …

Read More »