Novak Djokovic: number one men’s tennis player and charity founder


Novak Djokovic: number one men’s tennis player and charity founder Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: tania bryer, lucy handley
Keywords: news, cnbc, companies, charity, djokovic, number, mens, tennis, player, novak, founder


Novak Djokovic: number one men's tennis player and charity founder


Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: tania bryer, lucy handley
Keywords: news, cnbc, companies, charity, djokovic, number, mens, tennis, player, novak, founder


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5G rollout will ‘make things better’ for cybersecurity, according to Verizon

An illuminated 5G sign hangs behind a weave of electronic cables on the opening day of the MWC Barcelona in Barcelona, Spain, on Monday, Feb. 25, 2019. The impending rollout of the next generation 5G wireless standard could be a boon for cybersecurity, according to an expert from Verizon. “I actually think that the 5G rollout … will actually make things better,” Chris Novak, global director of the Threat Research Advisory Center at Verizon, told CNBC’s “Squawk Box” on Tuesday. Novak’s comments


An illuminated 5G sign hangs behind a weave of electronic cables on the opening day of the MWC Barcelona in Barcelona, Spain, on Monday, Feb. 25, 2019. The impending rollout of the next generation 5G wireless standard could be a boon for cybersecurity, according to an expert from Verizon. “I actually think that the 5G rollout … will actually make things better,” Chris Novak, global director of the Threat Research Advisory Center at Verizon, told CNBC’s “Squawk Box” on Tuesday. Novak’s comments
5G rollout will ‘make things better’ for cybersecurity, according to Verizon Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: eustance huang
Keywords: news, cnbc, companies, verizon, cybersecurity, according, 5g, things, think, novak, weve, rollout, companies, better, told, lot, actually, research, huawei


5G rollout will 'make things better' for cybersecurity, according to Verizon

An illuminated 5G sign hangs behind a weave of electronic cables on the opening day of the MWC Barcelona in Barcelona, Spain, on Monday, Feb. 25, 2019.

The impending rollout of the next generation 5G wireless standard could be a boon for cybersecurity, according to an expert from Verizon.

“I actually think that the 5G rollout … will actually make things better,” Chris Novak, global director of the Threat Research Advisory Center at Verizon, told CNBC’s “Squawk Box” on Tuesday.

“I think there is a lot of research and development that we’ve done and I know others have done as well to make sure that 5G doesn’t just bring speed and reliability, but also that it’s done in a secure manner and addresses any of those kinds of concerns,” Novak said.

Novak’s comments come amid increasing scrutiny on companies seeking to win contracts to develop 5G capabilities for national networks. Chinese telecommunications giant Huawei is chief among the firms under the spotlight as the U.S. seeks to dissuade America’s allies from purchasing its equipment, with claims that the firm is “too close to the government. ”

Recent moves by the U.S. have reportedly resulted in major tech companies limiting their employees’ access to Huawei. On May 16, the U.S. Department of Commerce put Huawei on a blacklist, barring it from doing business with American companies without government approval, then a few days later it authorized firms to interact with Huawei in standards bodies through August “as necessary for the development of 5G standards.”

For its part, U.S. President Donald Trump’s administration appears to have a conflicting stance on Huawei.

Trump told CNBC on Monday that Huawei could be part of the U.S. trade negotiation with China, contradicting remarks by Treasury Secretary Steven Mnuchin, who told CNBC on Sunday that Washington’s concerns surrounding the telecommunications behemoth are “national security” issues separate from trade.

On the subject of whether banning perceived bad actors from developing 5G networks would reduce the likelihood of data breaches, Novak said: “To be honest, it’s not even just the espionage element. In reality, the bigger percentage of that pie is actually financially motivated breaches.”

“If you actually roll back and look at the last decade, we’ve got almost about a half million security incidents that we’ve looked at over the course of that research,” he said. “While espionage plays a role in things and I think that’s kind of fired up a lot of the conversation here, I think ultimately there’s a lot of other facets to what we see happening in the cybersecurity and data breach landscape.”

— Reuters and CNBC’s Kate Fazzini contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: eustance huang
Keywords: news, cnbc, companies, verizon, cybersecurity, according, 5g, things, think, novak, weve, rollout, companies, better, told, lot, actually, research, huawei


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US crude falls 1.4% in delayed settle amid uncertainty on supply cuts, US-China tariffs

Front-month Brent crude futures, the international benchmark for oil prices, fell $1 per barrel, or 1.6%, to $62.29. Moscow is considering whether further cuts could allow the United States to take Russian market share and has yet to signal whether it will continue to curb its supply. Novak said he could not rule out a drop in oil prices to $30 per barrel if the global deal was not extended. But analysts said there were still concerns about the health of the global economy with no signs of an en


Front-month Brent crude futures, the international benchmark for oil prices, fell $1 per barrel, or 1.6%, to $62.29. Moscow is considering whether further cuts could allow the United States to take Russian market share and has yet to signal whether it will continue to curb its supply. Novak said he could not rule out a drop in oil prices to $30 per barrel if the global deal was not extended. But analysts said there were still concerns about the health of the global economy with no signs of an en
US crude falls 1.4% in delayed settle amid uncertainty on supply cuts, US-China tariffs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-10
Keywords: news, cnbc, companies, oil, united, uschina, tariffs, deal, uncertainty, states, barrel, russia, settle, prices, trade, crude, amid, novak, delayed, falls, cuts, supply


US crude falls 1.4% in delayed settle amid uncertainty on supply cuts, US-China tariffs

Oil prices settled lower after a choppy trading session on Monday, as major producers Saudi Arabia and Russia had yet to agree on extending an output-cutting deal and U.S.-China trade tensions continued to threaten demand for crude.

U.S. West Texas Intermediate crude futures settled 73 cents lower at at $53.26 per barrel, falling 1.4% on the day and settling later than usual on Monday.

Front-month Brent crude futures, the international benchmark for oil prices, fell $1 per barrel, or 1.6%, to $62.29.

Saudi Energy Minister Khalid al-Falih said on Monday that Russia was the only oil exporter still undecided on the need to extend the output deal agreed by top producers.

OPEC and some non-members, including Russia, have withheld supplies since the start of the year to prop up prices.

Moscow is considering whether further cuts could allow the United States to take Russian market share and has yet to signal whether it will continue to curb its supply.

Yet Russian energy minister Alexander Novak said there is a still a risk that oil producers pump out too much crude and prices fall sharply. Novak said he could not rule out a drop in oil prices to $30 per barrel if the global deal was not extended.

“Indeed, there are big risks of over-production. But on the whole … we need to analyze deeper and look at how the events will develop in June in order to take a balanced decision at the joint OPEC+ meeting in July.”

Many oil exporting countries have confirmed they are prepared to hold a policy meeting with OPEC in Vienna over July 2-4, instead of the scheduled date later this month, Novak said.

A deal between the United States and Mexico to combat illegal migration from Central America late last week removed the threat of U.S. tariffs on goods imported from Mexico, buoying markets on Monday.

But analysts said there were still concerns about the health of the global economy with no signs of an end in sight to the United States’ trade war with China.

U.S. President Donald Trump said additional tariffs on Chinese goods were ready to kick in after the G20 summit this month if no trade deal is reached with China.


Company: cnbc, Activity: cnbc, Date: 2019-06-10
Keywords: news, cnbc, companies, oil, united, uschina, tariffs, deal, uncertainty, states, barrel, russia, settle, prices, trade, crude, amid, novak, delayed, falls, cuts, supply


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Russia will be fully compliant with OPEC-led supply cuts by April, energy minister says

Russian Energy Minister Alexander Novak said on Sunday that Moscow will be fully compliant with OPEC-led supply cuts over the coming weeks. “As for the target output level that forms part of the signed agreement, we plan to reach those figures by the end of March (or) beginning of April. The producers meet in mid-April to review their oil supply cut agreement, which is scheduled to last through the first-half of 2019. OPEC’s share is 800,000 b/d, to be delivered by 11 members — with Iran, Venezu


Russian Energy Minister Alexander Novak said on Sunday that Moscow will be fully compliant with OPEC-led supply cuts over the coming weeks. “As for the target output level that forms part of the signed agreement, we plan to reach those figures by the end of March (or) beginning of April. The producers meet in mid-April to review their oil supply cut agreement, which is scheduled to last through the first-half of 2019. OPEC’s share is 800,000 b/d, to be delivered by 11 members — with Iran, Venezu
Russia will be fully compliant with OPEC-led supply cuts by April, energy minister says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-17  Authors: sam meredith
Keywords: news, cnbc, companies, cuts, russia, opecled, months, supply, minister, compliant, extension, fully, agreement, target, discussed, output, novak, energy


Russia will be fully compliant with OPEC-led supply cuts by April, energy minister says

Russian Energy Minister Alexander Novak said on Sunday that Moscow will be fully compliant with OPEC-led supply cuts over the coming weeks.

“As far as the meeting is concerned we, of course, discussed the situation with the execution of the agreement (and) we stressed once again that Russia is discharging its obligations in accordance with the agreement to smoothly achieve the target output,” Novak told CNBC’s Dan Murphy in Baku, Azerbaijan, according to a translation.

“As for the target output level that forms part of the signed agreement, we plan to reach those figures by the end of March (or) beginning of April. This is earlier than in the same period two years ago by about one month.”

His comments come three months into a fresh round of production cuts from the so-called OPEC+ alliance. The producers meet in mid-April to review their oil supply cut agreement, which is scheduled to last through the first-half of 2019.

The Middle East-dominated group, alongside non-OPEC allies such as Russia, agreed to reduce output by 1.2 million barrels per day (b/d) for six months.

OPEC’s share is 800,000 b/d, to be delivered by 11 members — with Iran, Venezuela and Libya exempt from cuts.

When asked whether Russia would support an extension to the cuts, Novak replied: “It is a little premature to talk about this. The deal after all covers the first six months of the year so any extension will be discussed in May or June this year.”


Company: cnbc, Activity: cnbc, Date: 2019-03-17  Authors: sam meredith
Keywords: news, cnbc, companies, cuts, russia, opecled, months, supply, minister, compliant, extension, fully, agreement, target, discussed, output, novak, energy


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Russia dashes plans to make its oil market alliance with OPEC permanent

Energy ministers had been talking up progress toward the permanent arrangement as recently as their meeting in Vienna earlier this month. That’s because it requires additional bureaucratic brouhaha in relation to financing, cartel, with the U.S. side,” Novak told reporters, according to Reuters. The U.S. penalties in question are spelled out in legislation known as NOPEC, or the No Oil Producing and Exporting Cartels Act. The legislation was first introduced in 2007, during a time of rising crud


Energy ministers had been talking up progress toward the permanent arrangement as recently as their meeting in Vienna earlier this month. That’s because it requires additional bureaucratic brouhaha in relation to financing, cartel, with the U.S. side,” Novak told reporters, according to Reuters. The U.S. penalties in question are spelled out in legislation known as NOPEC, or the No Oil Producing and Exporting Cartels Act. The legislation was first introduced in 2007, during a time of rising crud
Russia dashes plans to make its oil market alliance with OPEC permanent Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-28  Authors: tom dichristopher, leonhard foeger
Keywords: news, cnbc, companies, violations, dashes, novak, worlds, opec, earlier, told, oil, permanent, russia, alliance, vienna, market, cartels, plans, legislation, groups


Russia dashes plans to make its oil market alliance with OPEC permanent

Energy ministers had been talking up progress toward the permanent arrangement as recently as their meeting in Vienna earlier this month.

But on Friday, Novak said the prospects for that plan now look dim, Reuters reported. He said it would create too much red tape and expose the non-OPEC members of the alliance to potential sanctions from the U.S. government.

“There is a consensus that there will be no such organization. That’s because it requires additional bureaucratic brouhaha in relation to financing, cartel, with the U.S. side,” Novak told reporters, according to Reuters.

The U.S. penalties in question are spelled out in legislation known as NOPEC, or the No Oil Producing and Exporting Cartels Act. The bill would authorize the Justice Department to sue groups like OPEC that are deemed cartels for price fixing and antitrust violations, stripping countries of sovereign immunity protections currently built into U.S. law.

The legislation was first introduced in 2007, during a time of rising crude prices and concerns that the world’s oil reserves would run dry. It was revived earlier this year in both chambers of Congress by bipartisan groups of lawmakers.


Company: cnbc, Activity: cnbc, Date: 2018-12-28  Authors: tom dichristopher, leonhard foeger
Keywords: news, cnbc, companies, violations, dashes, novak, worlds, opec, earlier, told, oil, permanent, russia, alliance, vienna, market, cartels, plans, legislation, groups


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Russia plays down idea of forming joint organisation with OPEC given US sanctions risk

It is highly unlikely that OPEC and other oil producers would set up a joint structure due to the additional red tape it would create as well as the risk of U.S. monopoly-related sanctions, Russian Energy Minister Alexander Novak said on Thursday. The Organization of the Petroleum Exporting Countries and other top oil producers led by Russia have since the end of 2016 made an unprecedented joint effort to curb output and support prices. OPEC and Russia jointly produce more than 40 percent of the


It is highly unlikely that OPEC and other oil producers would set up a joint structure due to the additional red tape it would create as well as the risk of U.S. monopoly-related sanctions, Russian Energy Minister Alexander Novak said on Thursday. The Organization of the Petroleum Exporting Countries and other top oil producers led by Russia have since the end of 2016 made an unprecedented joint effort to curb output and support prices. OPEC and Russia jointly produce more than 40 percent of the
Russia plays down idea of forming joint organisation with OPEC given US sanctions risk Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-27  Authors: omar marques, anadolu agency, getty images
Keywords: news, cnbc, companies, joint, opec, producers, sanctions, novak, oil, forming, worlds, energy, plays, idea, unprecedented, additional, organisation, given, risk, russia


Russia plays down idea of forming joint organisation with OPEC given US sanctions risk

It is highly unlikely that OPEC and other oil producers would set up a joint structure due to the additional red tape it would create as well as the risk of U.S. monopoly-related sanctions, Russian Energy Minister Alexander Novak said on Thursday.

The Organization of the Petroleum Exporting Countries and other top oil producers led by Russia have since the end of 2016 made an unprecedented joint effort to curb output and support prices.

OPEC and Russia jointly produce more than 40 percent of the world’s oil.

Russia’s energy ministry had said that Moscow and OPEC lynchpin Saudi Arabia had reached a general agreement that the OPEC+ format should be “institutionalized” and extended until 2019 and beyond to monitor the market and take joint action if needed.

However, Novak said such an idea has been ditched.

“There is a consensus that there will be no such organisation. That’s because it requires additional bureaucratic brouhaha in relation to financing, cartel, with the U.S. side,” Novak told a briefing to reporters.


Company: cnbc, Activity: cnbc, Date: 2018-12-27  Authors: omar marques, anadolu agency, getty images
Keywords: news, cnbc, companies, joint, opec, producers, sanctions, novak, oil, forming, worlds, energy, plays, idea, unprecedented, additional, organisation, given, risk, russia


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Russia says unpredictable US, protectionism behind oil price volatility

Rising protectionism and trade wars and the unpredictability of the U.S. administration have greatly contributed to global oil price volatility over the past two years, Russian Energy Minister Alexander Novak said on Thursday. Oil prices have been volatile, falling by more than a third this quarter. “All these uncertainties, which are now on the market: how China will behave, how India will behave… trade wars and unpredictability on the part of the U.S. administration… those are defining fac


Rising protectionism and trade wars and the unpredictability of the U.S. administration have greatly contributed to global oil price volatility over the past two years, Russian Energy Minister Alexander Novak said on Thursday. Oil prices have been volatile, falling by more than a third this quarter. “All these uncertainties, which are now on the market: how China will behave, how India will behave… trade wars and unpredictability on the part of the U.S. administration… those are defining fac
Russia says unpredictable US, protectionism behind oil price volatility Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-27  Authors: omar marques, anadolu agency, getty images
Keywords: news, cnbc, companies, novak, protectionism, oil, wars, cut, unpredictable, price, unpredictability, output, volatility, prices, trade, russia


Russia says unpredictable US, protectionism behind oil price volatility

Rising protectionism and trade wars and the unpredictability of the U.S. administration have greatly contributed to global oil price volatility over the past two years, Russian Energy Minister Alexander Novak said on Thursday.

Oil prices have been volatile, falling by more than a third this quarter.

“All these uncertainties, which are now on the market: how China will behave, how India will behave… trade wars and unpredictability on the part of the U.S. administration… those are defining factors for price volatility,” Novak said.

U.S. President Donald Trump has been a vociferous critic of OPEC, demanding the cartel act in order to cut prices of oil.

Russia’s Novak also told reporters that the U.S. decision to allow some countries to trade Iranian oil after putting Tehran under sanctions was one of the key factors behind this month’s global pact to cut oil output by 1.2 million barrels per day.

The Organization of the Petroleum Exporting Countries and other top oil producers led by Russia have agreed to cut their output beginning in January in order to prop up oil prices.


Company: cnbc, Activity: cnbc, Date: 2018-12-27  Authors: omar marques, anadolu agency, getty images
Keywords: news, cnbc, companies, novak, protectionism, oil, wars, cut, unpredictable, price, unpredictability, output, volatility, prices, trade, russia


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Russia warns OPEC against ‘hasty’ policy changes, says oil market volatility could be here to stay

OPEC and non-OPEC exporters must stick to a consistent message if they are to avoid exacerbating wild swings in the oil market, Russian Energy Minister Alexander Novak said Sunday. And what’s more this volatility could remain,” Novak told CNBC’s Steve Sedgwick, according to a translation. The group said Sunday it would “continue closely monitoring” oil market conditions, before adding that “new strategies” could be implemented to balance the market in 2019. The next full OPEC meeting, when any p


OPEC and non-OPEC exporters must stick to a consistent message if they are to avoid exacerbating wild swings in the oil market, Russian Energy Minister Alexander Novak said Sunday. And what’s more this volatility could remain,” Novak told CNBC’s Steve Sedgwick, according to a translation. The group said Sunday it would “continue closely monitoring” oil market conditions, before adding that “new strategies” could be implemented to balance the market in 2019. The next full OPEC meeting, when any p
Russia warns OPEC against ‘hasty’ policy changes, says oil market volatility could be here to stay Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-11  Authors: sam meredith, omar marques, anadolu agency, getty images
Keywords: news, cnbc, companies, volatility, meeting, novak, hasty, warns, pumping, producers, policy, changes, nonopec, russia, market, output, stay, oil, opec


Russia warns OPEC against 'hasty' policy changes, says oil market volatility could be here to stay

OPEC and non-OPEC exporters must stick to a consistent message if they are to avoid exacerbating wild swings in the oil market, Russian Energy Minister Alexander Novak said Sunday.

“There is a lot of volatility in the market. And what’s more this volatility could remain,” Novak told CNBC’s Steve Sedgwick, according to a translation.

“Therefore, right now we shouldn’t be making any hasty decisions. We need to look at the situation very carefully to see how it will develop so that we don’t end up changing our course by 180 degrees every month.”

His comments come shortly after top exporters at the Joint Ministerial Monitoring Committee (JMMC) meeting in Abu Dhabi said they would not shy away from another round of production cuts.

This appeared to an abrupt turnabout from OPEC’s September meeting, when some of the world’s leading oil producers were talking about pumping extra oil onto the market in order to help soothe intensifying supply shock fears.

The group said Sunday it would “continue closely monitoring” oil market conditions, before adding that “new strategies” could be implemented to balance the market in 2019.

Saudi Arabia’s Energy Minister Khalid al-Falih said Sunday that the OPEC and non-OPEC alliance would collectively decide whether reducing global output would be necessary over the coming weeks.

The next full OPEC meeting, when any policy decision will be voted on, is scheduled to take place in Vienna, Austria on December 6.

About two dozen exporting nations began capping their output in 2017 in a bid to drain a global crude glut. The group agreed in June to restore some of that output, and producers with spare capacity have been pumping more oil since then.


Company: cnbc, Activity: cnbc, Date: 2018-11-11  Authors: sam meredith, omar marques, anadolu agency, getty images
Keywords: news, cnbc, companies, volatility, meeting, novak, hasty, warns, pumping, producers, policy, changes, nonopec, russia, market, output, stay, oil, opec


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Russia does ‘not want to be a monopoly’ over gas supplies to Europe, energy minister says

Russia has no desire to be a “monopoly” when it comes to supplying gas to European consumers, Russian Energy Minister Alexander Novak said on Wednesday. “There are talks of bans being introduced on Russian gas supplies but the reality is different … In reality, we see that European consumers are interested in purchasing Russian gas,” Novak told CNBC’s Geoff Cutmore on Wednesday, in a CNBC-moderated panel discussing the global gas market in Moscow. “We are not a monopolist on the Russian market a


Russia has no desire to be a “monopoly” when it comes to supplying gas to European consumers, Russian Energy Minister Alexander Novak said on Wednesday. “There are talks of bans being introduced on Russian gas supplies but the reality is different … In reality, we see that European consumers are interested in purchasing Russian gas,” Novak told CNBC’s Geoff Cutmore on Wednesday, in a CNBC-moderated panel discussing the global gas market in Moscow. “We are not a monopolist on the Russian market a
Russia does ‘not want to be a monopoly’ over gas supplies to Europe, energy minister says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-03  Authors: sam meredith, omar marques, anadolu agency, getty images, nord stream, axel schmidt
Keywords: news, cnbc, companies, europe, novak, european, supplies, gas, wednesdaythere, monopoly, does, russian, told, market, minister, energy, russia, reality, consumers


Russia does 'not want to be a monopoly' over gas supplies to Europe, energy minister says

Russia has no desire to be a “monopoly” when it comes to supplying gas to European consumers, Russian Energy Minister Alexander Novak said on Wednesday.

“There are talks of bans being introduced on Russian gas supplies but the reality is different … In reality, we see that European consumers are interested in purchasing Russian gas,” Novak told CNBC’s Geoff Cutmore on Wednesday, in a CNBC-moderated panel discussing the global gas market in Moscow.

“We are not a monopolist on the Russian market and we do not want to be a monopoly on the European market.”


Company: cnbc, Activity: cnbc, Date: 2018-10-03  Authors: sam meredith, omar marques, anadolu agency, getty images, nord stream, axel schmidt
Keywords: news, cnbc, companies, europe, novak, european, supplies, gas, wednesdaythere, monopoly, does, russian, told, market, minister, energy, russia, reality, consumers


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Russia says it has ‘significant potential’ to hike oil production after Iran sanctions

Russia stands ready to hike its oil output after the implementation of U.S. sanctions on Iran, the country’s energy minister told CNBC on Sunday. President Donald Trump’s administration is set to impose fresh sanctions on Iran targeting the country’s crude industry on November 4. The U.S. is reimposing sanctions on the Middle Eastern nation as part of its withdrawal from the 2015 Iran nuclear deal. Earlier in the month, Novak criticized U.S. sanctions on Iran as “unproductive” and “wrong,” and s


Russia stands ready to hike its oil output after the implementation of U.S. sanctions on Iran, the country’s energy minister told CNBC on Sunday. President Donald Trump’s administration is set to impose fresh sanctions on Iran targeting the country’s crude industry on November 4. The U.S. is reimposing sanctions on the Middle Eastern nation as part of its withdrawal from the 2015 Iran nuclear deal. Earlier in the month, Novak criticized U.S. sanctions on Iran as “unproductive” and “wrong,” and s
Russia says it has ‘significant potential’ to hike oil production after Iran sanctions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-23  Authors: ryan browne
Keywords: news, cnbc, companies, hike, pressure, novak, potential, production, russia, iran, sanctions, oil, significant, minister, state, secretary, told


Russia says it has 'significant potential' to hike oil production after Iran sanctions

Russia stands ready to hike its oil output after the implementation of U.S. sanctions on Iran, the country’s energy minister told CNBC on Sunday.

President Donald Trump’s administration is set to impose fresh sanctions on Iran targeting the country’s crude industry on November 4. The U.S. is reimposing sanctions on the Middle Eastern nation as part of its withdrawal from the 2015 Iran nuclear deal.

“I don’t think we can discuss the exact number at this point but what I can tell you for sure is that we have significant potential to increase our production,” Russian Energy Minister Alexander Novak told CNBC’s Steve Sedgwick at the Joint Ministerial Monitoring Committee (JMMC) in Algiers on Sunday.

“So we can restore production to October 2016 levels and we cannot go above that but we would be looking at the overall supply-demand balance before we take any decisions.”

Earlier in the month, Novak criticized U.S. sanctions on Iran as “unproductive” and “wrong,” and said there “will be consequences.”

Companies that rely on access to Iran’s oil market have been steadily cutting off their buying of Iranian crude as the State Department has warned firms to cease purchases by early November.

Europe has been calling for concessions to exempt certain industries from the wide-ranging levies. But U.S. Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin have rejected these pleas, saying the sanctions are aimed at maximizing economic pressure on Iran.

The Organization of Petroleum Exporting Countries, commonly abbreviated to OPEC, has come under increasing pressure amid comments by Trump and impending sanctions on Iran. A steep decline in production from Venezuela, whose economy has been crippled by hyperinflation, has also added to pressure on the cartel to boost production.


Company: cnbc, Activity: cnbc, Date: 2018-09-23  Authors: ryan browne
Keywords: news, cnbc, companies, hike, pressure, novak, potential, production, russia, iran, sanctions, oil, significant, minister, state, secretary, told


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