"This market cannot be left without guardianship. And that's why we need to take all precautions. It cannot be left to fend for itself. We need to be proactive, especially given the huge challenges," he said in an interview with a Russian TV channel, commenting on the situation on the oil market.
Moscow and Riyadh Should Maximize Mutual Trade
"We [Russia and Saudi Arabia] should try to maximize joint trade and joint investments, and it is not obligatory to restrict cooperation to a particular sector of the economy," the energy minister stressed.
Russian, Saudi Companies Show Interest in Cooperation in Various Industries
"We see great interest from Russian companies in various areas, be it energy, transport, housing and communal services, industry, and from Saudi companies in developing cooperation. There are fields that can be developed," the Russian minister told journalists on the sidelines of the Russian Energy Week.
European Gas Market Going Through Serious Transformation
"In general, a serious transformation is taking place, and its consequences for consumers and residents of European countries will have to be assessed in the future," Novak said.
Global Diversification of Gas Industry Underway in Russia
"Our development vector is mainly supplies to the east, the development of liquefied natural gas, which can be supplied anywhere in the world by transport. We are also undergoing global diversification of our gas industry at the moment," Novak told journalists.
Main Task of OPEC+ to Balance Market, not to Determine Oil Price
"We usually do not say specific figures because it is a thankless activity. There is an understanding that our task is not to set specific figures, but a balance and a long-term understanding of how the market will develop," Novak said when asked about his forecast for oil prices by the end of this year.