Novak says global oil market crisis will be overcome, points to OPEC+ role
In short
Russian Deputy Prime Minister Alexander Novak said the current crisis on world oil markets will be overcome, with joint action by OPEC+ countries playing the leading role, Interfax reported. He spoke after an OPEC+ “seven volunteers” meeting and an OPEC+ monitoring committee meeting, which he said noted a volatile and tense market with a deficit. The committee also flagged concern over attacks on energy infrastructure and disruption to international shipping, and participants agreed to keep monitoring the market.
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Russian Deputy Prime Minister Alexander Novak said the current crisis on world oil markets will be overcome, and that joint action by OPEC+ countries will play the leading role in this, Interfax reported. TASS and RIA Novosti carried the same statement in headline form. According to Interfax, Novak made the remarks in an interview with “Вести” after a meeting of the OPEC+ “seven volunteers” and a meeting of the OPEC+ monitoring committee. [ 1 , 2 , 3 ]
Novak said the committee noted a “fairly volatile and tense” situation on the oil market, where a deficit is observed. He said OPEC+ countries are fulfilling their obligations in full, taking into account existing restrictions. The committee also expressed concern about attacks on energy infrastructure and about disruption to international maritime transport and logistics, which Novak said seriously affects uncertainty and volatility on the world oil market. [ 3 ]
“We agreed that we will take all necessary measures to balance the situation on world markets. We agreed to continue monitoring and to continue our meetings,” Novak said, according to Interfax. No specific measures were named in the reports. [ 3 ]
“I am confident that the current crisis that we are seeing today on world oil markets will be overcome, including with our joint actions playing the leading role,” Novak said. [ 3 ]
The three reports were published within 23 minutes of one another on 4 October, starting with TASS at 15:38 local time, followed by RIA Novosti at 15:59 and Interfax at 16:01. TASS and RIA Novosti gave only the main statement, while Interfax carried the fuller account with direct quotations from the interview. [ 1 , 2 , 3 ]
Why it matters
The remarks come from a Russian deputy prime minister and follow OPEC+ meetings, giving them weight as an indication of the Russian government's position and of continued coordination inside the group. The committee's stated readiness to take measures to balance world markets points to possible further producer action, though no specific steps were announced. The concerns it raised about energy infrastructure and shipping bear on the risks and volatility the documents describe in the global oil market.
Key facts
- Russian Deputy Prime Minister Alexander Novak said the current crisis on world oil markets will be overcome. [ 1 , 2 , 3 ]
- Novak said joint action by OPEC+ countries would play the leading role in overcoming the crisis. [ 3 ]
- He made the remarks in an interview with “Вести” after a meeting of the OPEC+ “seven volunteers” and a meeting of the OPEC+ monitoring committee. [ 3 ]
- Novak said the committee noted a “fairly volatile and tense” situation on the oil market, where a deficit is observed. [ 3 ]
- According to Novak, OPEC+ countries are fulfilling their obligations in full under existing restrictions. [ 3 ]
- The committee expressed concern about attacks on energy infrastructure and about disruption to international maritime transport and logistics, which Novak said seriously affects uncertainty and volatility on the world oil market. [ 3 ]
- Novak said participants agreed to take all necessary measures to balance world markets and to continue monitoring and holding meetings. [ 3 ]
Confirmed by several sources
Still unclear
- Where and when the OPEC+ “seven volunteers” meeting and the OPEC+ monitoring committee meeting took place. The documents say Novak spoke after the meetings but do not give their location or timing.
- What specific measures OPEC+ might take to balance the market. Novak said participants agreed to take “all necessary measures”, but no measures are named in the documents.
- The size or cause of the oil market deficit Novak described. Only Interfax reports the deficit, and it gives no figures or explanation.
What local media are saying
Timeline, local time
- TASS reports Novak's statement that the current energy crisis on the world oil market will be overcome. [ 1 ]
- RIA Novosti reports that the crisis on the world oil market will be overcome, citing Novak. [ 2 ]
- Interfax publishes Novak's remarks on OPEC+'s leading role, made after the OPEC+ “seven volunteers” and monitoring committee meetings. [ 3 ]