Russian Energy Ministry

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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Moscow and Damascus ink energy cooperation agreement

Russian Energy Minister Alexander Novak and Syrian Electricity Minister Mohammad Zuhair Kharboutli signed a 'road map' agreement for cooperation in the energy sector, the Russian Energy Ministry said in a statement posted …

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Why we should not be afraid of shale oil

The increasing shale oil output does not compensate for the general increase in global demand for "black gold", Russian Energy Minister Alexander Novak said at the economic forum in Davos, …

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 OPEC+ monitoring committee to meet in Oman on January 21

Ministers from leading OPEC and non-OPEC producers will discuss the possibility of a smooth exit from a global deal to cut oil output at a ministerial monitoring committee meeting in Oman, which is scheduled for January 21, Russian Energy …

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Novak says who wants to extend OPEC-led deal

Almost all OPEC+ countries support an extension of oil cuts, Russia's Energy Minister Alexander Novak said The minister said in a television interview posted on the energy ministry’s website that …

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 Russian Energy Ministry gives oil price forecast

The Russian Energy Ministry still expects oil prices to stay in a range of $50-60 per barrel in 2018, the country's energy minister Alexander Novak said on the sidelines of the summit of the Gas Exporting Countries Forum. …

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 Novak: world’s demand for oil to rise

Russia's Energy Minister Alexander Novak said that world’s demand for oil will rise by up to 1% per year in the next 15–20 years.  "I think that the oil consumption will grow in the next couple …

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 Russia ready to raise oil output

Russia is ready to increase its oil output by 3.5-4.0 million tonnes in 2018 if a global deal between OPEC and non-OPEC producers to reduce production is not extended, the country's Energy Minister Alexander Novak said. …

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Novak predicts increase in oil consumption

International oil consumption will increase by 1.5–1.6 million barrels per day in 2017, Russian Energy Minister Alexander Novak said, speaking at a Russia Calling investment forum. "The key factor for …

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Moscow and Riyadh may not extend oil output cut deal

Russia and Saudi Arabia believes that the oil output cut deal would be extended unless the market became balanced, Russian Energy Minister Alexander Novak said. The energy ministers of OPEC and non-OPEC countries agree …

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