Alexander Novak

Russia is likely to hike its crude oil exports if the European Union ban on imports of its fuel results in lower refinery throughput. What Happened: "If there are problems with the sale of petroleum products, oil refining to some extent can be replaced by additional volumes of oil exports,...

President Vladimir Putin's point man on energy and Russian Deputy Prime Minister Alexander Novak said even if Russia has to trim production, it will not sell oil subject to a Western price cap, Reuters reported on Sunday. The Group of Seven (G7) ...

The United States Oil Fund LP (ETF) (NYSE: USO) is up roughly 2 percent this week after Saudi Arabia energy minister Khalid al-Falih and Russia energy minister Alexander Novak said they would be on board with an OPEC plan to extend November’s crude oil production cuts by nine months. Muted...

The price of oil has risen over the past few weeks on optimism that a recent OPEC agreement would support a higher oil price. However, the Wall Street Journal reported on Friday that Russia's energy minister Alexander Novak put a damper on the agreement. Russia, a non-OPEC member, is a major energy...

Oil prices surged to new three-week highs on Thursday after Russian Energy Minister Alexander Novak said that Saudi Arabia had proposed a production cut of up to 5.0 percent to help support oil prices. However, despite the good news, Barclay’s analyst Thomas Driscoll maintains his bearish...

The price of a barrel of oil surged higher on Thursday and hit a three-week high following reports that OPEC nations will gather in February to potentially discuss a cut in oil production. According to Reuters, Russia's Energy Minister Alexander Novak said that it is "reasonable"...

Oil prices have been on a wild ride over the past year as oversupply, geopolitical turmoil and political uncertainty all pressured prices. However, some analysts say they are beginning to see a light at the end of the tunnel as major producers have shown signs of willingness to work together....