Russia/Novak: Oil exports stable despite sanctions

Russian Deputy Prime Minister Aleksandr Novak stated that Russia’s oil production and exports continue in a stable manner despite the sanctions, “The situation regarding our oil production and exports, despite the European embargo and the ceiling price…

In a statement to the Russian state channel Rossiya-24, Novak made evaluations about the oil markets.

Pointing to the ongoing uncertainties in the global oil markets, Novak said, “We see many uncertainties that are constantly analyzed. These are especially questions about the global economy, the increase in supply or the growth of demand.” he said.

Explaining that the Chinese economy has started to open up and they expect an increase in oil consumption, Novak said, “Besides, inflation expectations have not disappeared and we are closely watching the steps to be taken by the central banks of the world’s leading economies.” said.

Noting that they held talks with the Organization of Petroleum Exporting Countries (OPEC) and OPEC+, which consists of non-OPEC oil producing countries, Novak said, “The talks showed that everyone agreed that the situation in the oil market is stable. Prices are at an acceptable level in line with supply and demand.” made his comment.

Novak belongs to the Russian oil branch, where comprehensive sanctions are applied, “Despite the European embargo and the ceiling price, the situation regarding our oil production and exports is stable. All necessary measures have been taken by our companies, especially in finding new supply chains and markets.” made its assessment.