Despite recent uptick in prices, Brent and WTI are down around 45% from their pre-pandemic peaks earlier in the year. Oil prices remained rather steady
Tag: Alexander Novak
Oil Market Update: Russia Lags Behind in OPEC Production Cut Compliance
Russian oil producers pulled out their first 42,000 barrels per day from the market last month under the OPEC production-cut deal, a bit lower than
Market Update: Saudis Remain Committed to Oil Output Cut Deal
Saudi Arabia is committed to sticking with the petroleum output freeze for the remainder of this year even if it means to “overbalance the market
Market Update: Russia to Boost Oil Production in 2018 Despite OPEC Output Deal
Russian Energy Minister Alexander Novak said earlier this week that Russia would boost its oil production next year even if the global deal to cut
Saudi Arabia “Flexible” on Oil Output Freeze Deal Extension
Saudi Arabia said it was flexible regarding the extension of a deal between OPEC, Russia and other producers on cutting oil supplies until the end
Market Update: Another 9 Months of Oil Production Freeze Approved
Saudi Arabia and non-OPEC Russia have decided to extend production cuts by another 9 months till March 2018 with the aim to tame the global
Saudi Arabia Invites Russia for Talks to Intensify non-OPEC Cooperation
Saudi Arabia’s Energy Minister Khalid al-Falih said yesterday (23 October) that he had invited Russian Energy Minister Alexander Novak to meet their Gulf Arab counterparts
Russia Shows First Signs of the Implementation of Oil Production Freeze Deal
In February, Russia produced oil at the same rate as in January, at 10.88 million barrels per day (bpd), an almost 30-year high, regardless of
Moscow’s Retaliation: Turkish Stream Pipeline Construction Suspended
Moscow has suspended construction works on the Turkish Stream pipeline, the proposed natural gas pipeline from the Russian Federation to Turkey across the Black Sea.
Russia vs. OPEC: Battle for Market Share and Oil Production
In the wake of an OPEC meeting next week, a Russian think tank has revealed that the Russian government was warned not to cut its