https://sputnikglobe.com/20251119/western-sanctions-against-lukoil-rosneft-have-no-impact-on-oil-output-in-russia---novak-1123140591.html
Russian Oil Unscathed as West's Sanctions on Rosneft, Lukoil Fall Flat - Deputy PM Novak
Russian Oil Unscathed as West's Sanctions on Rosneft, Lukoil Fall Flat - Deputy PM Novak
Sputnik International
MOSCOW (Sputnik) - Western sanctions against Russian energy companies Rosneft and Lukoil have not impacted oil production in Russia, Russian Deputy Prime Minister Alexander Novak said on Wednesday.
2025-11-19T12:49+0000
2025-11-19T12:49+0000
2025-11-19T13:28+0000
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"We see daily figures that show no decline in production. In fact, overall output is slightly higher than the previous month, so no adjustments are needed now." Novak told reporters when asked whether sanctions against Lukoil and Rosneft had an impact on oil production in the country. Novak added that he anticipates the discount on Russian oil will begin to decline in the next couple of months as the market adapts to the new round of sanctions.Wholesale fuel prices in Russia are falling amid export restrictions and increased production after refineries complete maintenance, Russian Deputy Prime Minister Alexander Novak said on Wednesday."Firstly, we have stopped exporting, secondly, we are experiencing a seasonal decline in demand. Thirdly, factories are coming out of maintenance, meaning production volumes are increasing," Novak told reporters, explaining the reasons for the declining fuel exchange prices.The Russian fuel market is stable, and the recent reduction in wholesale prices is now being passed on to consumers at gas stations, the official clarified.Russia is leaving its 2025 oil production forecast unchanged at 510 million tonnes, Deputy Prime Minister Alexander Novak said on Wednesday."Yes, the forecasts have not changed," Novak told reporters, when asked if Russia is keeping its oil production prognosis of 510 million tonnes this year.Russia produced oil below its OPEC+ quota by about 70,000 barrels per day in October, Russian Deputy Prime Minister Alexander Novak said on Wednesday."Production is rising. We expect the rate of increase to be higher in November than it was in October. However, based on the growth rate relative to our quotas, I estimate a shortfall of about 70,000 barrels per day in October. This is due to our model, which incorporates both inertial growth and inertial reduction." Novak told reporters, when asked if Russia is fulfilling its quota in the OPEC+ deal and increasing oil production.In October, Russia fully completed the compensation for previously allowed overproduction, and now it will focus only on quotas, Novak recalled.Russia will reach its OPEC+ oil production level either by the end of 2025 or by early 2026, depending on the companies, Novak added.
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Russian Oil Unscathed as West's Sanctions on Rosneft, Lukoil Fall Flat - Deputy PM Novak
12:49 GMT 19.11.2025 (Updated: 13:28 GMT 19.11.2025) MOSCOW (Sputnik) - Western sanctions against Russian energy giants, Rosneft and Lukoil, have had no impact on oil production in Russia, the nation's Deputy Prime Minister Alexander Novak said on Wednesday.
"We see daily figures that show no decline in production. In fact, overall output is slightly higher than the previous month, so no adjustments are needed now." Novak told reporters when asked whether sanctions against Lukoil and Rosneft had an impact on oil production in the country.
Novak added that he anticipates the discount on Russian oil will begin to decline in the next couple of months as the market adapts to the new round of sanctions.
Wholesale fuel prices in Russia are falling amid export restrictions and increased production after refineries complete maintenance, Russian Deputy Prime Minister Alexander Novak said on Wednesday.
"Firstly, we have stopped exporting, secondly, we are experiencing a seasonal decline in demand. Thirdly, factories are coming out of maintenance, meaning production volumes are increasing," Novak told reporters, explaining the reasons for the declining fuel exchange prices.
The Russian fuel market is stable, and the recent reduction in wholesale prices is now being passed on to consumers at gas stations, the official clarified.
Russia is leaving its 2025 oil production forecast unchanged at 510 million tonnes, Deputy Prime Minister Alexander Novak said on Wednesday.
"Yes, the forecasts have not changed," Novak told reporters, when asked if Russia is keeping its oil production prognosis of 510 million tonnes this year.
Russia produced oil below its OPEC+ quota by about 70,000 barrels per day in October, Russian Deputy Prime Minister Alexander Novak said on Wednesday.
"Production is rising. We expect the rate of increase to be higher in November than it was in October. However, based on the growth rate relative to our quotas, I estimate a shortfall of about 70,000 barrels per day in October. This is due to our model, which incorporates both inertial growth and inertial reduction." Novak told reporters, when asked if Russia is fulfilling its quota in the OPEC+ deal and increasing oil production.
In October, Russia fully completed the compensation for previously allowed overproduction, and now it will focus only on quotas, Novak recalled.
Russia will reach its OPEC+ oil production level either by the end of 2025 or by early 2026, depending on the companies, Novak added.
