Russian Energy Ministry

"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 …

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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 …

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Date of Russia, EU, Ukraine meeting on gas revealed

Russia, the European Union and Ukraine are planning to hold a trilateral meeting on gas in Berlin on July 17, the Russian Energy Ministry said in a statement. The Russian delegation will be led by the country's energy minister …

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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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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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Russia not to join OPEC, but...

Russia’s Energy Minister Alexander Novak said that Russia and OPEC may assume joint efforts on balancing the oil market after completion of the crude production cut deal (OPEC+).

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What is threat to Russia's energy security?

Russia's Energy Ministry has prepared a draft energy security doctrine of Russia, where it names the US policy and green energy as major threats, Vedomosti business daily reported with a reference to the document. On March 2, the …

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 Novak: oil demand to be high this year

Russia's Energy Ministry does not expect a decline in world oil demand this spring, the head of the ministry Alexander Novak said. Analysts pointed out that the decline in oil prices in the second half of February …

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Will Novak to decide fate of OPEC deal?

Russia’s oil industry will continue to monitor implementation of a global OPEC+ deal on cutting oil production, and Energy Minister Alexander Novak will take a final decision independently, Lukoil CEO Vagit Alekperov said. …

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