Alexander Novak

Russia proposes oil output hike to OPEC+

Russia plans to propose increasing oil production by the OPEC+ deal members by 1.5 million barrels per day (bpd), the Russian Energy Minister Alexander Novak said. "The market is growing, (oil) demand is growing …

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Kazakh Energy Ministry intends to ease OPEC + deal

Kazakhstan is holding consultations with non-OPEC countries to ease the OPEC + deal, Kazakh Energy Minister Kanat Bozumbayev said. The most active consultations are being held with Russia, Interfax-Kazakhstan …

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Iran to reduce oil production by 10%, Novak says

The reduction of the oil production in Iran due to the sanctions will be less significant than the market expects, maximum 10%, the Minister of Energy of the Russian Federation, Alexander Novak said. ‘’I think that the …

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Novak predicts oil prices

The average price for oil in 2018 may reach $ 65-75 per barrel, the Minister of Energy of the Russian Federation, Alexander Novak said. "I think the average prices can be at the level of $ 65-75, in this range," he said to the …

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Novak predicts 2018 average oil price

The average oil price for the year would exceed Russia’s forecast of $60 per barrel, Russian Energy Minister Alexander Novak said. "In the current price, as it breaks through $80, there are a number …

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"Oil prices under influence of geopolitics"

Russia's Energy Ministry is not able to predict oil prices, the country's acting Energy Minister Alexander Novak said. Novak said that global oil prices are currently under the influence of geopolitics but …

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Novak pledges 100% compliance with OPEC+ deal

Russian Energy Ministry is committed to reaching 100% compliance with an international pact led by the Organization of the Petroleum Exporting Countries (OPEC) to reduce oil output in May, the ministry's head Alexander …

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OPEC+ Monitoring Committee holds meeting in Jeddah

The 8th meeting of the Joint Ministerial Monitoring Committee (JMMC) has started in Jeddah, Saudi Arabia, where OPEC and non-OPEC oil ministers will discuss the oil production cut deal. OPEC and its allies achieved 149 percent of …

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OPEC+ ministers to meet in Jeddah

OPEC and non-OPEC oil ministers will meet in Jeddah, Saudi Arabia today to discuss their oil production cut deal.  The Joint Ministerial Monitoring Committee (JMMC) will make a recommendation to OPEC about whether or not the …

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Russia freezes gas production

Russia does not plan to increase gas production in 2018, freezing it at the level of 2017, Russian Minister of Energy Alexander Novak said, adding that everything will depend on the weather conditions. "As for …

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