{{dayPoint.date | date : 'd MMMM yyyy'}}

{{newsPoint.title}}

{{newsPoint.title+ ' '}}

{{newsPoint.subtitle}}

World oil prices

Updated at:

Russian energy minister: ruble investments of Russian oil companies to increase in 2016

According to Novak, it makes it possible to keep oil production in the country at the current level

© Artem Korotaev/TASS

MOSCOW, September 27. /TASS/. Ruble-denominated investments of Russian oil companies are not decreasing and may even increase already in 2016, Russian Minister of Energy Alexander Novak said on Tuesday.

Read also

OPEC chief: Russia is strongly involved in consultations on oil production freeze

"Our companies have not decreased ruble-denominated investments following changes of the macroeconomic situation. We see that ruble-denominated investments will be even higher this year than in 2015," he said in an interview with the Rossiya-24 television channel.

According to Novak, it makes it possible to keep oil production in the country at the current level. "If no further changes in the tax legislation follow, our companies will keep on production at the current level," he said.

Earlier, he said in an interview with TASS that demand on the global oil market was expected by 1.1-1.3 million barrels in 2016 but it was still possible that oil prices might go down in the 2016-2017 winter. In June, Novak said that the global oil glut was at about 1.5 million barrels a day.

Oil production

The global oil market may recover quicker within three to six months in case oil exporting countries strike a deal on oil production freeze, Novak.

"I think, now it will take from three to six months," he said when asked by TASS how a possible oil production freeze deal might help stabilize the oil market.

Read also

OPEC not in talks to cut oil production, only to freeze — UAE minister

"In April, when we discussed the idea of the oil production freeze, we agreed that the market balancing time might be reduced by six months. Now it is still possible to do that, but the longer a relevant decision is delayed the more influence on the situation market factors will have and the necessity to take artificial measures might be gone," he said.

According to the Russian minister, positions of possible parties to the oil production freeze deal, including Saudi Arabia and Iran, have become more flexible and more result-oriented but certain disagreement is still in place.

Earlier Novak told TASS that there are chances that oil exporters would agree on oil production freeze, but they are not 100%.

The issue of potential freezing of global crude production was revived after Russian President Vladimir Putin said on September 2 that Russia supports the agreement with OPEC to curb oil production growth. He expressed hope that other oil producers would support the initiative.

On the sidelines of the Group of Twenty summit in early September, Moscow and Riyadh, which control more than 21% of the global oil consumption, inked a joint statement geared to stabilize the oil market. As Novak said back then, the two countries were discussing possible oil production freeze for three or six months.

The previous meeting on crude production freeze took place in Qatar’s Doha on April 17. Representatives of 18 oil-producing countries (Iran refused to participate) failed to reach an agreement on oil production cap and after 12 hours of talks said they needed more time for consideration.

Tags

Oil & Gas Oil price

Dollar slides to 94.21 rubles, euro grows to 100.72 rubles on Moscow Exchange

Yuan rate grew by 1 kopeck, to 12.99 rubles

Shoigu calls to urgently launch production of medical robots

"We have to ensure the evacuation of the wounded from the frontline," the Russian defense minister said, adding that "it has to be done safely and rapidly to the maximum"

Slovakia to oppose Ukraine’s NATO membership bid — PM

Meanwhile, Slovakia supports Ukraine’s accession to the European Union

Ukrainian president admits Russian troops’ advancement

Vladimir Zelensky asked his country’s supporters to provide "everything that helps to hold the frontline," including shells, military vehicles and drones

Israeli Air Force strikes Hezbollah targets in southern Lebanon

The IDF also said that its soldiers were forced to open fire in the area in order to "remove an imminent threat"

Crimea, Donbass to forever remain within Russia, Slovak PM tells national parliament

Robert Fico believes Moscow will win in its confrontation with Kiev

Former Ukrainian MP sees Zelensky turning into 'usurper' after his term expires

The legitimacy of the authorities is a hot button issue in Ukraine, where parliamentary and presidential elections are prohibited during martial law

Ukraine turns from sovereign country into Western protectorate, Hungarian PM says

Viktor Orban noted that there should be a buffer zone between NATO and Russia and Ukraine could serve as one

Roscosmos chief notes high quality of Vostochny space center’s construction

Yury Borisov said that the space facility’s launch pad bore practically no visible signs of the recent Angara-A5 carrier rocket’s launch

Russian state companies invested almost $10.72 bln into digitalization — Minister

The most important is the fact that Russian solutions account for more than 85% of expenses, Maksut Shadaev noted

US not going to be in armed conflict with Russia — official

The President of the United States has made that very clear

Russia says its forces repel four Ukrainian counterattacks in Kupyansk area

The Ukrainian army losses were up to 70 servicemen, three motor vehicles, a D-30 howitzer, 2 Plastun-3000 electronic reconnaissance stations and a Nota electronic warfare station

Russian investigators start inquiry into financing of terrorism by US, NATO officials

Investigators have established that the funds that were received through commercial organizations, such as the oil and gas company Burisma Holdings operating in Ukraine, have been used to carry out terrorist acts in Russia and abroad

Hezbollah fires rockets at Israeli barracks in Shebaa Heights

Anti-tank guided missiles hit an artillery battery in Al-Samak in the Kfarchouba hills

Avtostat revises new car sales forecast to 1.5 mln in Russia this year

According to the best case, the Russian car market may soar by 65% to 1.75 mln cars

EU leaders urge to adopt proposal on using incomes from frozen Russian assets for Ukraine

The EU, the US, Japan and Canada have frozen Russian assets worth a total amount of around $300 bln

Press TV reports all of Iran's hypersonic missiles hit intended targets in Israel

The report did not specify which facilities in Israel had been attacked with hypersonic missiles

Envoy reports dozens of Russians killed in Ukrainian attacks in past week

According to Russian Foreign Ministry Ambassador-at-Large Rodion Miroshnik, over that period, Ukrainian troops fired "at least 1,362 munitions" at civilian facilities

Russian Aerospace Forces destroy three militant hideouts in Syria’s Homs

No shelling attacks on Syrian troops were registered over the past 24 hours

Protesters give Georgian government one hour to revoke foreign agents bill

Earlier on Wednesday, Georgia’s parliament passed the foreign agents bill in the first reading

India's new ambassador to Russia discusses high-level bilateral visits with Lavrov

"Ambassador Vinay Kumar paid a courtesy call on [Russian] Foreign Minister H.E. Mr. Sergey Lavrov," the embassy said on its X page

Humanitarian efforts in Gaza doomed without durable ceasefire — Russia’s UN envoy

Vasily Nebenzya is convinced that the work of the UNRWA is indispensable under these circumstances

Putin points to high risk of new epidemic outbreaks

The Russian president pointed out that Moscow’s "program of assistance to the African countries in sanitary and epidemiological well-being provides for the delivery of ten mobile high-containment biological laboratories"

Russia’s advanced radar in Kaliningrad to monitor entire territory of Europe — source

The first Konteiner radar went on combat duty in the Volga area region of Mordovia on December 1, 2019

Ukrainian president signs law tightening mobilization rules

According to Rada Deputy Speaker Alexander Korniyenko, some of the law’s provisions will take effect after its publication, while most of them will enter into force in a month

Ukraine to lose at least 10 mln citizens over mobilization law — political scientist

According to Andrey Zolotarev, domestically, the population’s confidence level in President Vladimir Zelensky and state authorities will plummet

Russian PM signs off on plan for regions to accommodate evacuees from Palestine

The Russian Emergency Situations Ministry is assigned to oversee the process of sending the evacuees to their respective regions in accordance with an annex to the directive

US retrieves weapons previously banned under INF treaty — Russian ambassador

Anatoly Antonov emphasized that such steps were another powerful blow to strategic stability

Russian industrial producers’ prices up 2.4% in March — statistics

In chemicals production, prices edged up by 26.8% for ethers, organic peroxides, epoxides, acetals and semiacetals and their derivatives

Russia assumes that Security Council will soon return to Gaza ceasefire issue — diplomat

"Ramadan has passed, and the question of a long-term ceasefire is once again very acute," Vasily Nebenzya said

EU isolated in its 'blossoming garden,' reluctant to let strangers in — Russian diplomat

Vasily Nebenzya also pointed at the European Union’s double standards with regard to refugees from Ukraine and the Global South

New US bill calls for $26 bln in assistance to Israel

The bill also includes a proposal to earmark $2.4 billion to fund US Armed Forces operating in the Middle East in response to threats against Israel

China to act over possible US measures for alleged support of Russian defense sector

"China always opposes the illegal unilateral sanctions imposed by the United States and will continue to take necessary measures to firmly safeguard the legitimate rights and interests of Chinese enterprises," Liu Pengyu said

EU vows new sanctions against Iran, calls on Mideast conflict parties to show restraint

The European Union is also poised to impose new sanctions on Iran, related to drones and missiles

US believes that Russia tested 9M729 missile for range beyond 500 km

"All NATO allies agree that the 9M729 is not compliant with the INF Treaty," the US embassy’s spokesperson said

Russian government approves list of unfriendly countries

There are two countries on the list

Iranian president warns of 'terrible response' to any action against country

Ebrahim Raisi opined that the UN Security Council and the organization as a whole "failed to fulfill their minimum legal obligations to condemn the [Israeli] attack on the Iranian consulate in Damascus"

UN concerned about 'increasingly dangerous rhetoric' in Middle East, official says

On the evening of April 13, Iran launched drones and missiles towards Israel in response to what it called "repeated crimes," including an attack on the consular office of the Iranian Embassy in Damascus

Situation with air service between Russia and Dubai stabilizing — air transport agency

Domestic airlines completed about 30 flights between airports in Russia and Dubai

'Iron Dome' can't fully protect from UAV swarms — Chinese expert

According to Wei Dongxu, Tehran's firepower can cover most of the Middle East region, representing a fierce and precise long-range retaliatory means

VTB CEO calls for SWIFT to be fully abandoned in payments

The banker stressed that VTB is working as part of a pilot project for the digital ruble, including in the field of cross-border settlements

US assured Israel that Iranian drones will be intercepted — US journalist Hersh

He also said that the US military contacted Russia and the United Kingdom while evaluating the potential of the Iranian attack

Georgian protests against foreign agent bill reek of US influence — Medvedev

"The experienced and all-too-familiar Hollywood touch can be seen behind these rallies," the politician pointed out

Xi Jinping proposes four principles for resolving Ukrainian crisis

The Chinese leader had an in-depth exchange of views on the Ukrainian crisis with German Chancellor Olaf Scholz, who is on an official visit to Beijing

Press review: Iran fires back at Israel and Russia, West spar over AI rulebook

Top stories from the Russian press on Monday, April 15th

Russia restores gasoline production after decline — Energy Ministry

The increase in motor gasoline production in mid-April is associated with production recovery after a local drop due to unscheduled repairs at refineries

Russian security official vows 'well-deserved' punishment for those behind Crocus attack

On the evening of March 22, a terrorist attack targeted the Crocus City Hall music venue in Krasnogorsk, Moscow Region

Funding needs to be restored to UNRWA before end of investigation — Russia’s UN envoy

"Investigation should be objective and based not only on data provided by Israel but also on Palestinian information", Vasily Nebenzya said

Shoigu visits presentation of over 30 promising weapons, including robotic vehicles

The Russian defense minister has given his instructions to speed up the introduction of promising weapons that have been tested in the special military operation zone into service with the Russian Army

Russian security chief urges measures against 'ethnic enclaves' in Russia

The Russian president has ordered that migration policy be overhauled taking into account the national interests and security of the population, and the importance of preserving Russia’s culture and language, Nikolay Patrushev reiterated

Russian, Turkish senior diplomats discuss situation in Gaza

"The meeting focused on the situation in the region," said in the statement

Swiss parliament votes against joining task force on frozen Russian assets

The group contains US finance and justice ministers, representatives of Australia, the UK, Germany, Italy, Canada, France, Japan, as well as the European Commission

Russian software sales soaring over last four years — Minister

The number of employees in IT companies increased by 1.5 times over four years, Maksut Shadaev said

Number of people convicted of high treason in Russia last year revealed

In 2022, 16 individuals were convicted of high treason and one was convicted of spying

US deploying missiles in Philippines to endanger global security — Russian envoy

Anatoly Antonov has urged the US "not to open Pandora's Box" and follow Russia’s suit "by taking all necessary steps to ensure global stability and predictability"

Press review: US throws Russia New START curveball and Washington's aid balancing act

Top stories from the Russian press on Wednesday, April 17th

Iran withdraws officers out of Syria due to Israel’s potential strike — newspaper

The report said that the Lebanese Shiite Hezbollah movement is also reducing the number of its officers in Syria

Both main US parties threatened Telegram, co-founder says

"So we got two letters that said: whatever we do, we would be violating the US Constitution," Pavel Durov said

Russia maintains constructive dialogue with both Iran, Israel — Kremlin

Dmitry Peskov mentioned a recent phone call between Russian Foreign Minister Sergey Lavrov and his Iranian counterpart Hossein Amir-Abdollahian

No snap elections before delimiting borders with Azerbaijan, Armenian PM says

Nikol Pashinyan said about it, replying to a question from a resident of the borderline village of Berkaber about the necessity to hold snap elections before delimiting the border with Azerbaijan

Iran may break through Israel’s air defenses in major attack by drones, missiles — expert

Iran has the region’s largest arsenal of ballistic missiles, estimated to number in the low thousands, Behnam Ben Taleblu noted

Israel plans to send 'painful message' to Iran in response to attack — newspaper

According to the report, Israel’s war cabinet will meet on April 16 for a third straight day

Almost 3,000 shots fired at Russia’s Kursk Region during military operation

The region's governor Roman Starovoit said 50 apartment buildings, 975 single-family homes, two stores, seven social and cultural buildings have been restored in the region since the beginning of the special operation

Georgia’s parliament approves first reading of foreign agent bill

Protests against the bill have been held outside the parliament building since Monday

Iran says it won’t prevent return of Russian sailor from seized ship — MFA

The Russian Embassy in Tehran keeps the issue under special control, Maria Zakharova said

G7 seeks to accelerate supplying air defenses to Ukraine — sources

The Kiev regime has long insisted on Western partners supplying it with more effective air defenses

Nuclear field turns into dangerous tool of psychological war, Russian diplomat warns

"Basically, attempts to question the maximum security of nuclear facilities must be completely ruled out everywhere in the world," Sergey Ryabkov stressed

G7 countries to continue examining possible ways of using frozen Russian assets

G7 countries are also set to take measures to counter alleged attempts to circumvent its price cap on Russian oil

Ukrainian drone attack damages four houses in Russia’s Voronezh

According to Governor Alexander Gusev, last night the air defenses on duty in the Voronezh Region detected and destroyed several air targets, including three weather probes

Annual inflation in Russia gearing up to 7.83% over week — Economy Ministry

Prices slowed down to in their growth to 0.1% during the reporting week

Shoigu tests commando vehicle, calls for additional machineguns

The Russian defense minister "personally tested the special transportation vehicle and its running qualities"

Israel planned to strike back at Iran on April 15, but decided to postpone, Axios reports

Israel told the US administration about the decision to wait, according to a US official

Over 40 nations want to join BRICS — Russian lawmaker

According to Grigory Karasin, many BRICS members share the opinion that the association should be in no hurry to adopt a strict charter, "seeing how counterproductively and even provocatively the European Union is acting"

Lavrov states West’s growing concern about BRICS plans to develop own financial tools

According to the minister, Russia is interested in increasing the role of the BRICS states in the international monetary, financial and trading systems, developing interbank cooperation, expanding the use of national currencies and creating its own exchange

Ovechkin may beat legendary Gretzky’s goal record starting next NHL season

The contract of the 38-year-old Ovechkin with NHL Washington Capitals is valid until the end of June 2026

DPR leader reports heaviest fighting near Avdeyevka, Chasov Yar

According to Denis Pushilin, it is too early to say when the city could be liberated

Water level in Kurgan to hit historical maximum in few days

The government of the Kurgan Region has arranged the work on providing financial assistance to the victims in the emergency zone

Russian forces pummel Ukrainian army, equipment in 133 areas over past day

Russian troops took better frontline positions in the Donetsk area over the past day, the ministry reported

Georgian president says she will veto law on foreign agents

According to Salome Zourabichvili, she is certain that the parliamentary majority will override her veto

Erdogan accuses Israel of seeking to spread conflict throughout entire region

The Turkish leader slammed Israel’s actions in Gaza as genocide and said that the only way to ease tension in the region is to stop it

Erdogan once again denounces Israel as terrorist state that committed genocide

The Turkish reminded that Turkey does not consider the radical Palestinian movement Hamas terrorist

US-led coalition’s aircraft violate Syrian airspace eight times in past day

In the Russian general's words, such actions set a dangerous precedent for air incidents and accidents, and escalate the general situation in Syria’s airspace

Hamas grateful to Erdogan for his support — TV

The Turkish leader also announced talks with Hamas politburo chief Ismail Haniyeh in Turkey on April 20

Russia to scrap moratorium on intermediate missiles if US deploys them anywhere — MFA

Sergey Ryabkov said the US seeks to maintain military superiority in a great variety of areas

Kiev’s attacks on Zaporozhye nuke plant result of impunity encouraged by US

Sergey Ryabkov stressed that the attacks on the nuclear facility "must be stopped"

US deliberately fuels tensions in Asia — Russian envoy to Washington

According to Anatoly Antonov, the United States are creating new closed groups and military-political alliances in the Asia-Pacific region and this way "are trying to return the world to the worst times of the Cold War and brinkmanship on the brink of a nuclear conflict"

Israel says its jets attacked Hezbollah air defense site in eastern Lebanon

I"DF soldiers recently carried out strikes to eliminate "an immediate threat" in the Qawqaba area in southern Lebanon," Israel Defense Forces said

EU summit urges to provide air defense systems and all necessary military aid to Kiev

The document also says that the EU and its member states will step up humanitarian support and civil protection assistance to Ukraine

Russia, CIS partners to hold air defense exercise in 2024

The participants in the exercises will practice interaction in getting ready for and conducting combat operations by aviation and air defense forces that are part of the unified regional air defense system of Russia and Belarus

Former Ukrainian PM points to motive behind mobilization exception for law enforcement

Nikolay Azarov noted that currently, law enforcement’s main job in Ukraine was to tighten the screws on the country’s population

Gasoline output in Russia up 12.1% week-on-week on April 1-7 to 845,900 tons — statistics

The statistics service does not provide the year-on-year dynamics of gasoline production

G7 countries to prevent Iran from producing, purchasing weapons

The G7 finance ministers and Central Bank chiefs also condemned "the unprecedented attack against Israel by Iran"

Romania now hosts as many as 11 F-16 jets for training of Ukrainian pilots

The ministers expressed their willingness to find a way for the center to continue to operate beyond 2025

Nearly 18,000 houses flooded in Russia, operational services say

Russian Emergencies Minister Alexander Kurenkov earlier reported to President Vladimir Putin that the spring flood wave had passed Orsk and Orenburg, the water level was dangerous but decreasing

Peacekeepers fully accomplish mission in Karabakh, Russian senator says

According to a statement signed by the leaders of Armenia, Azerbaijan and Russia on November 9, 2020, a Russian peacekeeping contingent was deployed to Nagorno-Karabakh

Turkish foreign minister urges West to stop Israel, prevent war in region

"The US and Western countries should stop Israel, tell it "Stop!" and prevent the conflict from spilling over," Hakan Fidan said

Press review: Israel mulls response to Iran's strike and Ukraine plays shot-caller with US

Top stories from the Russian press on Tuesday, April 16th

Top British diplomat refused to recognize Voronezh and Rostov as part of Russia — source

After Truss’ statements urging Moscow to move its forces, located on Russia’s soil, away from the border with Ukraine, Sergey Lavrov asked his British counterpart if she recognized Russia’s sovereignty over the Voronezh and Rostov Regions

Russia bans 235 Australian local government officials from entering country — MFA

"Taking into account the fact that Canberra does not intend to give up its anti-Russian course and continues to introduce new sanctions, work on updating the Russian stop list will continue," the ministry said

Decision on peacekeepers’ pullout made by top leadership of Azerbaijan, Russia — official

"The defense ministries of Azerbaijan and Russia are taking the necessary measures to implement the decision," Hikmet Hajiyev added

Ukrainian front may collapse this summer — newspaper

According to the newspaper’s assessments, Russia "has never been closer to its goals" in the special military operation zone