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10/12/2023, 11:35 AM (Source: TeleTrader)
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Novak: Decline in Russia's oil output linked to OPEC+

Russian Deputy Prime Minister for Fuel Energy complex Alexander Novak told Rossiya-24 on Thursday that a slight decrease in the nation's oil production of 1.5% or approximately eight million tons is "insignificant" and connected to the Organization of Petroleum Exporting Countries and its allies' (OPEC+) strategy to balance the market.

Novak noted that Russia's potential in the sector is higher than expected despite the sanctions imposed on the country over its military operation in Ukraine. Moreover, he called for strengthening cooperation between Russian and Saudi Arabian companies, particularly in the energy industry.

Earlier this week, Novak announced Russia will increase its supply of petroleum products to Saudi Arabia.

Baha Breaking News (BBN) / JR