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Novak
Crude Oil
Novak Says Russia Backs OPEC+ 500,000 bpd Oil Output Hike from February
Russia expects to support an increase in oil production by the group, known as OPEC+, of another 500,000 barrels per day from February at next month’s summit o…
OPEC
Russian Energy Ministers Tells Biden Not To Disturb Oil Markets
Joe Biden’s presidency will hopefully not interfere with OPEC+ actions taken to rebalance oil markets, Russian Deputy Prime Minister and former Energy Minister…
Russian Federation
Novak Steps Down as Russian Energy Minister
Russia's long-serving energy minister Alexander Novak, who oversaw the country's participation in the Opec+ agreement, is stepping down after more than eight ye…
Oil & Gas Trade
OPEC+ to Stick with Plans to Ease Output Cuts, Says Russia's Novak
Russian Energy Minister Alexander Novak on Wednesday said that the OPEC+ group of leading oil producers will start easing output curbs as planned despite a glob…
Market Analysis
Russian Energy Minister: Global Oil Demand is Expected to Fully Recover in the Second Quarter of 2021
Russian Energy Minister Alexander Novak participated in the OPEC+ JMMC online meeting and said that global oil demand is expected to fully recover by the second…
Oil Price
Russia’s Novak Says 2020 Oil Demand Could Fall by Up to 10 Million bpd
Global oil demand could fall by 9-10 million barrels per day this year due to impact of the COVID-19 pandemic, Russian Energy Minister Alexander Novak said on F…
Russian Federation
Russian Energy Minister Novak Tests Positive for COVID-19
Russian Prime Minister Mikhail Mishustin, who was himself diagnosed with COVID-19 in May and successfully completed treatment, was the one to deliver the news.
Crude Oil
Russian Oil Production Set For First Annual Drop Since 2008
Due to the OPEC+ production cut deal, Russia’s oil production could decline by 15 percent annually in 2020, Russian Energy Minister Alexander Novak told news a…
Oil & Gas Trade
Russia’s Energy Ministry Expects Gradual Revival in Oil Demand in Second Half of Year
Minister Alexander Novak said before it happens oil producing countries should avoid filling of oil storage facilities to the full and prevent a market collapse…
Crude Oil
OPEC+ Debates Biggest-Ever Oil cut, Awaits U.S. Efforts
Russian Energy Minister Alexander Novak told Russian state media that he understands the United States has legal restrictions on output cuts, but it should sti…
Crude
Russia Still Elusive On Deeper OPEC+ Oil Production Cuts
Russia is still reviewing the recommendation of the OPEC+ technical panel for additional cuts of 600,000 bpd in response to the slump in oil demand over the cor…
Oil & Gas Trade
Russia Still Studying Proposed Deeper Opec+ Output Cuts: Novak
Russia is still studying proposed deeper oil output cuts by the Opec+ grouping of top producers prompted by the new coronavirus outbreak in China, Energy Minist…
RusHydro Inaugurates New Hydropower Plant
PJSC RusHydro announces an inauguration of 346 MW Zaramagskaya HPP-1 in North Ossetia. Yury Borisov, Deputy Prime Minister of the Russian Federation, Alexander …
Oil & Gas Trade
Russia:OPEC+ May Consider Ending Oil Cuts by 2020
The Organization of the Petroleum Exporting Counters and its allies, known as OPEC+, may consider wrapping up their oil output reduction in 2020, Russian Energy…
Crude
Russia Wants Condensate Removed from OPEC Deal
Russian energy minister Alexander Novak said Wednesday he wants new volumes of gas condensate to be excluded from Russia’s quota as part of its oil output pact…
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