Organization of the Petroleum-Exporting Countries (OPEC)

Russia to establish new OPEC

New OPEC-Russia organisation may start its work on 1 January 2019, Russian energy Minister Alexander Novak said today. The minister specified that it will retain the functions of regulating oil production and will …

"OPEC+ fulfills its task"

The OPEC deal has practically fulfilled its task, Russia’s Energy Minister Alexander Novak said, speaking today in the Federation Council.  "This agreement has practically fulfilled its task of leveling …

Novak on reduction of Russia's oil production

Russia reduced crude oil production by 120 thousand barrels per day within the OPEC + deal in June, Russia’s Energy Minister Alexander Novak said. Earlier, the International Energy Agency (IEA) raised its …