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Alexander Novak

Oil prices climb to five-month high amid OPEC cuts, US sanctions, Libya fighting

Oil prices rose to their highest level since November 2018 on Monday, driven upwards by the Organisation of Petroleum Exporting Countries’ (OPEC) ongoing supply cuts, U.S. sanctions against Iran and Venezuela, fighting in Libya as well as strong U.S. jobs data.

OPEC, allies will stabilise oil market – Saudi minister

Saudi Arabia’s Energy Minister, Khalid Al-Falih, has said that member countries of the Organisation of Petroleum Exporting Countries (OPEC) and its allies led by Russia still have a lot of work to do to balance global oil markets, and are prepared to do what is necessary in this regards in the second half of 2019.
An OPEC branded flag sits on a table ahead of the 169th Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria. | Akos Stiller | Bloomberg via Getty Images

Kremlin: No talks are underway to create new Russia-OPEC alliance

The Kremlin said on Tuesday there were no substantial talks currently taking place to establish an alliance between Russia and OPEC.

Oil edges up as market eyes tighter supply

Oil prices edged up on Tuesday buoyed by expectations of tightening global supply due to U.S. sanctions on Venezuela and production cuts led by OPEC.

Oil: OPEC-led supply cuts, sanctions against Venezuela keep prices steady

Oil prices were stable on Monday, largely maintaining gains from the previous session as OPEC-led supply cuts and U.S. sanctions against Venezuela provided the market with support.

Oil prices slip toward 18-month lows

Oil prices fell on Friday ahead of the New Year holiday as global crude benchmarks moved back toward their lowest levels in more than a year.

OPEC, non-OPEC countries to cut crude output in 2019

Crude oil production will be cut by 1.2 million barrels per day from January 2019 for an initial period of six months.

Oil hits $62 as OPEC, allies agree to cut production

The Organisation of Petroleum Exporting Countries (OPEC) and its allies agreed yesterday to cut oil production by 1.2 million barrels per day, owing to a record global crude glut and the need to halt the price slump.
Organisation of Petroleum Exporting Countries (OPEC) | Reuters

OPEC waiting for Russia before deciding how much oil to cut

The Organisation of the Petroleum Exporting Countries has made a planned cut in oil output effectively conditional on the contribution from non-OPEC producer Russia, delegates said on Thursday as the group gathered in Vienna for a meeting aimed at supporting battered oil prices.

Alexander Novak: Russia plans to sign OPEC partnership deal

Russia is planning to sign a partnership agreement with the Organisation of the Petroleum Exporting Countries (OPEC), Energy Minister Alexander Novak said on Monday.

Russia says US sanctions ‘illegal’, will help Iran trade oil

Russian Energy Minister Alexander Novak has said Moscow will support Iran to counter US oil sanctions.

Oil prices rise towards $90 as Iran sanctions loom

Oil traded above 85 dollars a barrel on Wednesday, supported by expectations that U.S. sanctions on Iran will tighten supply and strain the ability of Saudi Arabia and other producers to pump more.
Minister of Energy and Industry of United Arab Emirates (UAE), Mr Suhail Al Mazrouei

Non-OPEC countries agree to 1m bpd oil cut

Russia and other non-members of Organisation of Petroleum Exporting Countries (OPEC) have agreed to join OPEC in raising oil production output by one million barrels per day (mb/d) from July 2018.

Saudis see oil price on rise as Trump blasts OPEC

Saudi Energy Minister Khaled al-Faleh said Friday the global market has the capacity to absorb higher oil prices, drawing a swift reaction from US President Donald Trump who accused OPEC of inflating prices.

Donald Trump tweets at OPEC over “Very High” prices, oil instantly falls

Oil fell in New York after U.S. President Donald Trump criticized OPEC and said crude prices are “artificially Very High.”

Russia plans to fully comply with OPEC-non-OPEC oil deal in April

Russia intends to fulfill its responsibilities under the deal of the member states of the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC countries on the oil output freeze in April.

Oil prices to rise as OPEC extends cuts to December 2018

Oil prices is expected to rise further as the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC talks ended with an agreement to extend the production cut deal through the end of 2018.

Russian premier Dmitri Medvedev talks up Morocco gas projects

Russia and Morocco hope to co-operate more closely in the energy sector, Russian Prime Minister Dmitri Medvedev said on Wednesday during a visit to Rabat.

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