Topic: Alexander Novak

The IEA said that in terms of crude oil quantity, markets will adjust after initial dislocations related to the United States sanctions on Venezuela.

The Paris-based International Energy Agency on Friday cast doubt on whether Russia would meet its agreement with OPEC to cut crude oil output to support prices.

A meeting of the OPEC where announcements of production cuts had long been expected had so far Friday failed to yield to an accord to cut output.

Russia's Energy Minister Novak considers it unnecessary for Russia to join OPEC because the current relationship is functional and without legal obligations.

Oil prices were up in mid-day trading Tuesday as Hurricane Michael barrels toward the Florida panhandle.

The United States needs to increase its natural gas exports to Europe to counter Russia's increasing energy dominance, a Trump administration official said.

After years of holding back, OPEC opened the flood gates this summer, increasing crude oil production by 278,000 barrels a day in August compared to July.

A report from the Russian Ministry of Energy attributed a recent slump in the price of crude oil to growing concerns about the impact of global trade disputes.

Russian Energy Minister Alexander Novak said Friday the market has probably taken into account the potential loss of Iranian oil by November already.

The head of Russian oil company Rosneft said that, from his view, the price for Brent crude oil will likely stay below $80 per barrel for the rest of the year.