Russian Energy Ministry

Novak: current high oil price is temporary

Current oil prices of between $70 and $80 per barrel were only temporary and were driven by sanctions, Russian Energy Minister Alexander Novak said. The minister added that the long-term price would stand at around …

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Russia to set coal production record

Russia can top a soviet coal production record of 420 million tonnes in 2018, while investments may amount to 130 billion rubles a year, Russia's Energy Minister Alexander Novak said, speaking at a meeting with government officials and top managers of energy companies.

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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 …

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"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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