2024-10-01 06:35:00
RUSSIAN OIL: ANY PRICE
REUTERS - Sept 30, 2024 - Russian Deputy Prime Minister Alexander Novak expects oil prices' fluctuations will subside following volatility spurred by the tensions in the Middle East as geopolitical risks are already factored in, he told Al Arabiya News.
Novak, who also oversees the broader Russian economy, said the sanctions-hit economy will sustain any pressure and Western-imposed price caps on the country's oil.
"We can live through any price," Novak told Al Arabiya News in an interview published on Monday.
Oil prices extended gains on Monday, buoyed by escalating concerns over potential supply pressures from Middle East producers following Israel's increased attacks on Iranian-backed forces in the region.
"The events occurring here and now in the Middle East are affecting the market, definitely," Novak was quoted as saying in response to a question about the killing of Hezbollah leader Sayyed Hassan Nasrallah.
"In recent weeks the prices have been volatile," Novak told the news outlet. "I think things are going to get back to normal," he added.
Last week, Brent oil futures fell by about 3%, while U.S. West Texas Intermediate futures declined by around 5% as demand worries increased after fiscal stimulus from China, the world's second-biggest economy and top oil importer, failed to reassure market confidence.
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Earlier:
2024, September, 30, 06:30:00
RUSSIAN OIL PRODUCTION 10.8 MBD
Energy ministry expected Russia to produce 540 million metric tons of oil in 2030 (10.8 million barrels per day), up from 531 million tons in 2023.
2024, September, 24, 07:00:00
OIL PRICE: BRENT ABOVE $74, WTI ABOVE $71
Brent were up 69 cents, or 0.93%, at $74.59 a barrel, WTI rose 74 cents, or 1.05%, to $71.11.
2024, September, 9, 07:00:00
OIL PRICE: BRENT NEAR $72, WTI ABOVE $68
Brent were up 99 cents, or 1.39%, at $72.05 a barrel, WTI rose $1, or 1.48%, to $68.67 a barrel.
2024, September, 9, 06:55:00
OPEC+ PRODUCTION CUTS
In recognition of this strengthened resolve and renewed firm commitment, the eight participating countries have agreed to extend their additional voluntary production cuts of 2.2 million barrels per day for two months until the end of November 2024,
2024, September, 3, 06:40:00
OPEC+ PRODUCTION CAN RISE
Led by Saudi Arabia and Russia, the Organization of Petroleum Exporting Countries and its allies are due to add 180,000 barrels a day as they gradually restore output that’s been halted since 2022.
2024, June, 26, 06:55:00
RUSSIAN OIL GAS REVENUES +50%
Russia was able to divert oil exports away from Europe to India and China, securing the much-needed financial flows for its budget, which is in deficit as Moscow spends heavily on defence and security.
2024, June, 26, 06:50:00
RUSSIAN OIL FOR INDIA UP
That boosted Russia's share in the world's third largest importer and consumer to nearly 41% last month, the data showed.
