Latest news with #AlexanderNovak
Zawya
an hour ago
- Business
- Zawya
Saudi, Russian energy ministers discuss oil market and joint committee plans
RIYADH — Saudi Energy Minister Prince Abdulaziz bin Salman and Russian Deputy Prime Minister Alexander Novak held a meeting in Riyadh to discuss recent developments in the global oil market and ongoing cooperation between the two countries within the OPEC+ alliance. As co-chairs of the Saudi-Russian Joint Governmental Committee on Trade, Economic, Scientific, and Technical Cooperation, the two officials also reviewed progress since the committee's eighth session, including the launch of direct flights between Saudi Arabia and Russia and the signing of multiple memorandums of understanding in fields such as industry, education, media, and Hajj and Umrah. The meeting also covered ways to boost bilateral trade and expand economic collaboration. Both sides discussed the upcoming ninth session of the joint committee, scheduled to be held in Riyadh on November 6, 2025. According to a statement from the Saudi Ministry of Energy, the ministers reaffirmed the importance of coordination on oil production policy under OPEC+. Russian news agency Interfax reported that Novak and Prince Abdulaziz discussed oil market trends and the outlook for deeper cooperation between the two energy producers. Their meeting followed Monday's virtual session of the OPEC+ Joint Ministerial Monitoring Committee (JMMC), which called for full compliance with output agreements. A separate meeting among eight OPEC+ members is expected this Sunday to decide on a potential oil production increase for September. Goldman Sachs has forecasted that OPEC+ will announce a final production hike of around 550,000 barrels per day for September. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Leaders
12 hours ago
- Business
- Leaders
Saudi Arabia, Russia Review Progress of Joint Intergovernmental Commission
Saudi Arabia and Russia have explored the progress achieved within the framework of Joint Saudi-Russian Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation. As the co-chairs of the Commission, the Saudi Energy Minister, Prince Abdulaziz bin Salman, and the Russian Deputy Prime Minister, Alexander Novak, met in Riyadh, according to the Saudi Press Agency (SPA). During their meeting, both officials reviewed aspects of bilateral cooperation within the Commission's mandate. They also followed up on the progress achieved since the 8th session. This included the recently-announced operation of direct flights between Saudi Arabia and Russia and the signing of multiple memoranda of understanding (MoUs) across various fields, such as industry, education, media, and Hajj and Umrah. Furthermore, the two officials explored avenues for strengthening trade turnover and expanding cooperation in key economic sectors of mutual interest. They also discussed the ongoing preparations for the 9th session of the Joint Saudi-Russian Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation, scheduled for November 6, 2025 in Riyadh. Moreover, the discussions touched upon the latest developments in the oil market and the collaboration between Saudi Arabia and Russia within the framework of OPEC+. 'Another topic of discussion was the situation on the oil market and the prospects for cooperation between the two countries within OPEC+,' reported Russian news agency TASS. Short link : Post Views: 15
Saudi Gazette
18 hours ago
- Business
- Saudi Gazette
Saudi, Russian energy ministers discuss oil market and joint committee plans
Saudi Gazette report RIYADH — Saudi Energy Minister Prince Abdulaziz bin Salman and Russian Deputy Prime Minister Alexander Novak held a meeting in Riyadh to discuss recent developments in the global oil market and ongoing cooperation between the two countries within the OPEC+ alliance. As co-chairs of the Saudi-Russian Joint Governmental Committee on Trade, Economic, Scientific, and Technical Cooperation, the two officials also reviewed progress since the committee's eighth session, including the launch of direct flights between Saudi Arabia and Russia and the signing of multiple memorandums of understanding in fields such as industry, education, media, and Hajj and Umrah. The meeting also covered ways to boost bilateral trade and expand economic collaboration. Both sides discussed the upcoming ninth session of the joint committee, scheduled to be held in Riyadh on November 6, 2025. According to a statement from the Saudi Ministry of Energy, the ministers reaffirmed the importance of coordination on oil production policy under OPEC+. Russian news agency Interfax reported that Novak and Prince Abdulaziz discussed oil market trends and the outlook for deeper cooperation between the two energy producers. Their meeting followed Monday's virtual session of the OPEC+ Joint Ministerial Monitoring Committee (JMMC), which called for full compliance with output agreements. A separate meeting among eight OPEC+ members is expected this Sunday to decide on a potential oil production increase for September. Goldman Sachs has forecasted that OPEC+ will announce a final production hike of around 550,000 barrels per day for September.
Reuters
24-07-2025
- Business
- Reuters
Russia set to impose harsher gasoline export restrictions soon, sources say
MOSCOW, July 24 (Reuters) - Russia is poised to introduce a tighter gasoline export ban, including for fuel producers, in the coming days to tackle rising prices, three industry sources familiar with the plans told Reuters on Thursday. Currently, restrictions only exist for a small portion of gasoline exports by resellers, while oil companies are still allowed to sell the fuel abroad. "It's all been decided (with the ban). For now, it's for August and September," one of the sources said. Another source said the ban could be announced on Monday. The restrictions will exclude supplies to the Moscow-led Eurasian Economic Union, a group of five former Soviet states, and to countries such as Mongolia with which Russia has intergovernmental agreements on fuel supplies, the sources said. The Russian government has applied temporary gasoline export bans several times over the past two years to fend off fuel shortages and combat high prices. Deputy Prime Minister Alexander Novak said earlier this month that the government would study the fuel market to understand if further restrictions were warranted. His office declined a Reuters request for comment on Thursday. Wholesale gasoline prices on the St Petersburg commodities exchange have been on the rise since the start of last week, with the price of the popular Ai-95 grade reaching an all-time high of 76,293 roubles ($962.69) per metric ton. Russia produces more than 40 million metric tons of gasoline per year. Egypt and Turkey are the main importers of the Russian fuel. According to the sources, Russia increased gasoline exports in the first five months of 2025 by around 25% year on year to some 2.51 million tons. ($1 = 79.2500 roubles)
Russia Today
16-07-2025
- Business
- Russia Today
Russia-Nigeria cooperation key to oil market stability
The partnership of Russia and Nigeria under the OPEC+ framework plays a decisive role in maintaining global oil market stability, Russian Deputy Prime Minister Alexander Novak has said. His remarks came after a meeting with Nigeria's minister of finance and coordinating minister for the economy, Wale Edun. 'Our joint work within OPEC+ makes a decisive contribution to ensuring the stability and predictability of the global oil market,' Novak stated, as quoted by the press service of the Russian government on Tuesday. 'The decisions taken are based on real market indicators and trends and are aimed at balancing the market in the face of economic challenges.' Novak emphasized that collective action within OPEC and OPEC+ aligns with the long-term national interests of member countries and helps strengthen their economies. During the meeting, the two sides also discussed opportunities for full-cycle cooperation in the oil and gas industry, from geological exploration to field development. Russia is one of the largest participants in OPEC+ and the second largest oil exporter after Saudi Arabia. Nigeria is one of the largest exporters and producers of oil, a member of OPEC and OPEC+. Last month, Russian Deputy Energy Minister Roman Marshavin met with Nigeria's chargé d'affaires Garba Satomi Grema to discuss cooperation in geological exploration, petroleum product supply and hydropower engineering, as well as launching a dialogue between the Nigerian National Petroleum Corporation and Russia's Institute of Oil and Gas Technological Initiatives (IOGTI). Russia's energy ties with Africa have been expanding steadily. In March, Dmitry Poduyev, Deputy Director of the Department of International Cooperation at the Russian Ministry of Energy, said that Russia was ready to support African nations by transferring technology, enhancing human capital, and ensuring stable energy supplies. Russian Foreign Minister Sergey Lavrov noted last March that Moscow had doubled its exports of oil products to African countries in 2023–2024.
