Tag Archives: russia

Russian Energy Minister Alexander Novak told the Russian State Duma, the lower house of parliament, today, Friday, that Russian oil exports are expected to decrease in 2020 by 16.4% compared to last year, to 225 million tons. He added that Russia’s oil production this year is expected to reach 507 …

Russia’s economy shrank 3.3% year-on-year in September, data showed on Tuesday, following a sharp 3.7% decline in August. The economy ministry said Q3 saw the Russin economy shrink 3.8% year-on-year, compared with an 8% drop in Q2. Added that the economy fell 3.5% in the first nine months of this …

Two industry sources told Reuters that Russia may support keeping global oil production cuts unchanged after 2020 when it is time to ease them if global market conditions deteriorate due to slowing demand and increasing cases of coronavirus. Russian Energy Minister Alexander Novak said last week that OPEC + would …

The Central Bank of Russia is expected to maintain interest rates unchanged on Friday, according to a Reuters poll on Monday. The majority of participating analysts, 25 out of 29 believe the main rate will be kept unchanged at 4.25%. In September, the Russian Central Bank kept the key interest …

Interfax reported, citing Russian Energy Ministry data, that oil and gas condensate production rose to 9.93 million bpd in September from 9.86 million bpd in August. Production of oil and gas condensate reached 40.65 million tons in September compared to 41.7 million tons in August. The OPEC + agreement excludes …

Russian Energy Minister Alexander Novak said that the global oil market has stabilized in the past few months and that the balance between supply and demand has been restored, while uncertainties continue, such as the rise in COVID-19 cases. He also said that talks about the possibility of transferring exports …

The Russian Central Bank kept the key nterest rate at 4.25%, suspending its monetary easing cycle in light of the growing risks of imposing new sanctions on Moscow, but hinted that cutting interest rates is still possible later this year. The decision to keep interest rates at a record low …

Russian Energy Minister Alexander Novak said in an opening speech to an OPEC + committee meeting via the Internet that he urged participants in the group’s oil production cut agreement to fully adhere to the pledged cuts. He also said that the monitoring committee should discuss the impact of the …

Russia’s Minister of Finance Anton Siluanov said on Tuesday that the Russian economy could contract by less than 4% in 2020, Reuters reported. This signals an improvement compared with previous forecasts, with signs of recovery from the COVID-19 pandemic and the drop in oil prices. Meanwhile, the debt-to-GDP ratio is …

Russian Energy Minister Alexander Novak said that it is “very important” that Russia and the rest of the oil producers quickly regain their market share or even raise it as soon as the demand for crude recovers. In order to ensure that it does not lose its share in the …