Alexander Novak

Moscow, Riyadh and several other OPEC+ members on Sunday announced extensions to oil production cuts first announced in 2023 as part of an agreement among oil producers to boost prices following economic uncertainty.

To address increased domestic demand and facilitate refinery maintenance, Russia has announced a six-month ban on gasoline exports starting from March 1, as reported by Reuters.

The implementation of the Turkish gas hub project may start in 2024, Russian Deputy Prime Minister Alexander Novak has said.

Saudi Arabia and Russia have agreed to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices.

The dual announcements from Riyadh and Moscow pushed benchmark Brent crude above $90 a barrel in trading yesterday, a price unseen in the market since November.

Saudi Arabia said yesterday it was extending a voluntary oil production cut of one million barrels per day, and Russia said it was slashing exports by 500,000 bpd.

The moves were the latest attempts by major producers to stabilize markets rocked by factors including continued fallout from the Russian invasion of Ukraine and China's faltering economic recovery.

Riyadh on June 4 announced a fresh oil output cut following a meeting of major producers aiming to prop up prices despite fears of a recession.

The meeting of the 13-member Organization of the Petroleum Exporting Countries (OPEC) headed by Saudi Arabia and its 10 partners, led by Russia, saw some tough negotiations.

Russian oil sales to India surged more than twentyfold last year as European buyers turned to other markets following the conflict in Ukraine, Russia's deputy prime minister said yesterday.

Russia shifted its oil exports to India and China last year as European Union nations sought to end their reliance on Russian energy supplies after Moscow sent troops into neighboring Ukraine.

President Vladimir Putin and Turkish leader Recep Tayyip Erdoğan on Aug. 5 adopted a statement pledging to boost political and economic cooperation including in energy and trade.

The talks between Putin and Erdoğan came as Russia's isolation grows following its intervention in Ukraine.

Turkey wants to improve trade ties with Russia in a balanced manner and based on a win-win approach, Trade Minister Mehmet Muş has said.

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US sanctions against the Nord Stream 2 gas pipeline are blatant protectionism aimed at advancing its liquefied natural gas on the European market, but the EU countries understand this and support the project, and thanks to this it will be completed, Russian Deputy Prime Minister Alexander Novak told RBC TV.