Russia owns capability to raise oil production: Novak

15/10/2025 Argaam

Russia possesses the capability to enhance its oil production; however, there are no immediate plans to propose an oil output compensation plan to OPEC, as stated by Deputy Prime Minister Alexander Novak on Wednesday.

 

Addressing journalists on the sidelines of the Russian Energy Week forum, Novak expects global oil demand to rise this year by as much as it did in 2024, explaining that tensions between major powers, sanctions, and trade wars pose risks to energy supplies.

 

He indicated that the current oil price reflects the current balance in the energy market, as reported by Reuters.

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