Russian Deputy Prime Minister Alexander Novak on Friday instructed the energy ‌ministry ⁠to draft ⁠a resolution banning gasoline exports from April 1, the Russian government said.

The ⁠state-run TASS ‌news agency earlier ⁠reported that the ban would remain in place until July 31.

Russia Imposes Ban on Gasoline Exports For Producers

<a href="https://www.wionews.com/business-economy/oil-eases-but-supported-by-trade-deal-hopes-269679">Oil&nbsp;prices</a>&nbsp;edged&nbsp;higher&nbsp;on Tuesday in thin pre-Christmas trading after Russia's energy minister said cooperation with OPEC to&nbsp;support&nbsp;the market would continue and as analysts&nbsp;forecast&nbsp;a second weekly decline in <a href="https://www.wionews.com/business-economy/oil-falls-as-us-inventories-rise-but-demand-hopes-stem-bigger-drop-268973">US&nbsp;crude inventories</a>.

Brent crude was up 5 cents at $66.44 a barrel by 0321 GMT. US&nbsp;West Texas Intermediate was 1 cent&nbsp;higher&nbsp;at $60.53 a barrel.

OPEC, Russia and other producers that have linked up to curtail production and&nbsp;support&nbsp;prices&nbsp;will continue their cooperation as long as it is "effective and brings results," Russian energy minister <a href="https://www.wionews.com/business-economy/opec-and-allies-prepare-to-deepen-oil-output-cuts-266447">Alexander Novak</a> said in an interview on Monday.

Cooperation with the Organization of the Petroleum Exporting Countries (<a href="https://www.wionews.com/business-economy/oil-slips-as-opec-gears-up-to-confirm-supply-cut-266600">OPEC</a>) would continue "until the market requires it," Novak added.

OPEC and other producers agreed in November to extend and deepen output curbs in place since 2017. The reduction of output could see as much as 2.1 million barrels per day (bpd) taken off the market, or about 2 per cent&nbsp;of global demand.

Still, OPEC needs to do more to balance out the market on a sustainable basis, Bjornar Tonhaugen, head of&nbsp;oil&nbsp;market research at Rystad Energy said in a note.

"The OPEC&nbsp;cuts&nbsp;didn't fully solve the problem&nbsp;instead they offer a light bandage to get through the first quarter of 2020," said Tonhaugen, adding "after that, we believe the market will begin to realize the looming oversupply."

US&nbsp;producers have been happy to fill any gaps in the market, pumping ever greater amounts of crude to reach a record high of around 13 million bpd in November.

That has helped swell inventories, which have been stubbornly resistant to drawdowns. US&nbsp;stocks are up around 1 per cent&nbsp;this year.

Crude stocks are, however, expected to have fallen by about 1.8 million barrels last week, a second week of declines, according to a preliminary&nbsp;poll.

Still, <a href="https://www.wionews.com/business-economy/oil-gains-on-us-crude-stocks-fall-opec-comments-on-slower-us-shale-growth-262061">gasoline stocks</a> are expected to have risen for a seventh week in a row and distillate inventories are&nbsp;forecast&nbsp;to have gained for a fifth consecutive week.

Oil prices edged higher on Tuesday in thin pre-Christmas trading after Russia's energy minister said cooperation with OPEC to support the market would continue and as analysts forecast a second weekly decline in US crude inventories.

Oil prices edged higher on Tuesday in thin pre-Christmas trading after Russia's energy minister said cooperation with OPEC to support the market would continue and as analysts forecast a second weekly decline in US crude inventories. Brent crude was up 5 cents at $66.44 a barrel by 0321 GMT. US West Texas Intermediate was 1 cent higher at $60.53 a barrel. OPEC, Russia and other producers that have linked up to curtail production and support prices will continue their cooperation as long as it is "effective and brings results," Russian energy minister Alexander Novak said in an interview on Monday. Cooperation with the Organization of the Petroleum Exporting Countries (OPEC) would continue "until the market requires it," Novak added. OPEC and other producers agreed in November to extend and deepen output curbs in place since 2017. The reduction of output could see as much as 2.1 million barrels per day (bpd) taken off the market, or about 2 per cent of global demand. Still, OPEC needs to do more to balance out the market on a sustainable basis, Bjornar Tonhaugen, head of oil market research at Rystad Energy said in a note. "The OPEC cuts didn't fully solve the problem instead they offer a light bandage to get through the first quarter of 2020," said Tonhaugen, adding "after that, we believe the market will begin to realize the looming oversupply." US producers have been happy to fill any gaps in the market, pumping ever greater amounts of crude to reach a record high of around 13 million bpd in November. That has helped swell inventories, which have been stubbornly resistant to drawdowns. US stocks are up around 1 per cent this year. Crude stocks are, however, expected to have fallen by about 1.8 million barrels last week, a second week of declines, according to a preliminary poll. Still, gasoline stocks are expected to have risen for a seventh week in a row and distillate inventories are forecast to have gained for a fifth consecutive week.

Oil prices inch higher in pre-Christmas trading

<a href="https://www.wionews.com/business-economy/oil-prices-tumble-ahead-of-opec-meeting-global-stocks-fall-265363">OPEC</a> is gearing up to deepen production cuts later this week but still needs to agree with allies such as Russia over details of a deal to support oil prices and head off a looming oil glut next year.

The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna followed by a meeting with Russia and others, a grouping known as<a href="https://www.wionews.com/business-economy/oil-prices-jump-to-61-over-opec-supply-cut-reports-265782"> OPEC+</a>, on Friday.

OPEC+ has been curbing output since 2017 to counter oversupply as a result of booming output in the United States, which has become the world's biggest producer and is not taking part in cuts.

Next year, rising production in non-OPEC countries such as Brazil and Norway threatens to add to the glut.

OPEC's actions in the past have angered US&nbsp;President Donald Trump, who has repeatedly demanded OPEC's de facto leader Saudi Arabia to bring oil prices down if it wants Washington's to provide Riyadh with military support against arch-rival Iran.

In the past few months, Trump has remained silent on OPEC but he faces re-election in November next year when the issue of gasoline prices is likely to become a hot political topic again.

Washington's ongoing trade dispute with China has also clouded the economic and therefore oil demand outlook for 2020.

OPEC's second-largest oil producer Iraq said on Tuesday key members supported deepening cuts for OPEC+ from the current level of 1.2 million barrels per day, or 1.2 per cent of global demand.

"My understanding is that they (Saudis) do (prefer it)," Iraqi Oil Minister Thamer Ghadhban told reporters in Vienna.

The current deal expires in March and two OPEC sources have said it would be extended at least until June. Oman's oil minister Mohammed al-Rumhi said on Wednesday his delegation would recommend extending cuts until the end of 2020.

Saudi Arabia needs higher oil prices to support its budget revenue and the pending share sale of state-owned oil giant Saudi Aramco with pricing expected on Thursday.

OPEC's actions have supported oil prices at around $50-$75 per barrel over the past year and on Wednesday they traded at $61 per barrel.

Iraq's Ghadhban said new cuts could be expanded to 1.6 million BPD while OPEC sources have also said Riyadh was pressing fellow members Iraq and Nigeria to improve their compliance with quotas, which could provide an additional reduction of up to 400,000 BPD.

Not all OPEC members were convinced of the need to cut deeper, however. One OPEC delegate said the move would boost prices and help spur a new phase of US&nbsp;oil output growth.

Non-OPEC Russia has yet to agree to extend or deepen cuts from its current pledge of 228,000 BPD as its companies are arguing they are finding it tough to reduce output during winter months due to very low temperatures.

Russian Energy Minister <a href="https://www.wionews.com/world/russian-oil-contamination-crisis-is-almost-over-energy-minister-alexander-novak-225266">Alexander Novak</a> said on Tuesday that Moscow had yet to finalise its position: "Let's wait but I think the meeting, as usual, will be of a constructive nature."

A source familiar with the Russian thinking told Reuters that Moscow would "most likely" reach a consensus with OPEC this week and just needed to iron out a few outstanding issues.

One sticking point for Russia this time is how its output is measured it includes gas condensate in its figures, while other producers do not.

OPEC is gearing up to deepen production cuts later this week but still needs to agree with allies such as Russia over details of a deal to support oil prices and head off a looming oil glut next year.

OPEC is gearing up to deepen production cuts later this week but still needs to agree with allies such as Russia over details of a deal to support oil prices and head off a looming oil glut next year. The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna followed by a meeting with Russia and others, a grouping known as OPEC+, on Friday. OPEC+ has been curbing output since 2017 to counter oversupply as a result of booming output in the United States, which has become the world's biggest producer and is not taking part in cuts. Next year, rising production in non-OPEC countries such as Brazil and Norway threatens to add to the glut. OPEC's actions in the past have angered US President Donald Trump, who has repeatedly demanded OPEC's de facto leader Saudi Arabia to bring oil prices down if it wants Washington's to provide Riyadh with military support against arch-rival Iran. In the past few months, Trump has remained silent on OPEC but he faces re-election in November next year when the issue of gasoline prices is likely to become a hot political topic again. Washington's ongoing trade dispute with China has also clouded the economic and therefore oil demand outlook for 2020. OPEC's second-largest oil producer Iraq said on Tuesday key members supported deepening cuts for OPEC+ from the current level of 1.2 million barrels per day, or 1.2 per cent of global demand. "My understanding is that they (Saudis) do (prefer it)," Iraqi Oil Minister Thamer Ghadhban told reporters in Vienna. The current deal expires in March and two OPEC sources have said it would be extended at least until June. Oman's oil minister Mohammed al-Rumhi said on Wednesday his delegation would recommend extending cuts until the end of 2020. Saudi Arabia needs higher oil prices to support its budget revenue and the pending share sale of state-owned oil giant Saudi Aramco with pricing expected on Thursday. OPEC's actions have supported oil prices at around $50-$75 per barrel over the past year and on Wednesday they traded at $61 per barrel. Iraq's Ghadhban said new cuts could be expanded to 1.6 million BPD while OPEC sources have also said Riyadh was pressing fellow members Iraq and Nigeria to improve their compliance with quotas, which could provide an additional reduction of up to 400,000 BPD. Not all OPEC members were convinced of the need to cut deeper, however. One OPEC delegate said the move would boost prices and help spur a new phase of US oil output growth. Non-OPEC Russia has yet to agree to extend or deepen cuts from its current pledge of 228,000 BPD as its companies are arguing they are finding it tough to reduce output during winter months due to very low temperatures. Russian Energy Minister Alexander Novak said on Tuesday that Moscow had yet to finalise its position: "Let's wait but I think the meeting, as usual, will be of a constructive nature." A source familiar with the Russian thinking told Reuters that Moscow would "most likely" reach a consensus with OPEC this week and just needed to iron out a few outstanding issues. One sticking point for Russia this time is how its output is measured it includes gas condensate in its figures, while other producers do not.

OPEC gearing up for deeper oil cuts, Russia yet to agree

Russia on Monday warned of a strong risk of global overproduction of oil that could lead crude prices to drop below $40 a barrel.

"There are really great risks of overproduction today," Russian Energy Minister Alexander Novak said during a meeting with Saudi counterpart Khalid al-Falih in Moscow.

"We have to analyse everything... in order to take a balanced decision in July," he said, referring to a key meeting of the so-called OPEC+ alliance between OPEC members and other oil-producing countries including Russia.

The alliance is set to meet in Vienna at the beginning of July according to the Saudi minister, to decide whether to extend an agreement on production levels.

Russia has agreed with OPEC member countries on cutting production of crude to build up prices after the crash of 2014-15.&nbsp;

The 25-member alliance agreed to cut output by 1.2 million barrels per day from the start of this year after oil prices dipped by more than 30 per cent late last year.

"Prices can drop below $40 and even down to $30 a barrel," Russian Finance Minister Anton Siluanov told lawmakers on Monday, quoted by Russian agencies.

Novak also said that such a scenario "cannot be ruled out".

"A lot depends on the situation on the market in the second and third quarter, from the balance of supply and demand, and how the situation develops with uncertainties, trade wars, and sanctions pressures on several countries," he said.

"We are working to take preventative steps to avoid the scenario that was discussed," Falih said regarding the prospects of prices falling to $30 a barrel, in translated comments.

Massive drops in exports by Iran and <a href="https://www.wionews.com/business-economy/venezuelas-oil-exports-drop-17-in-may-as-sanctions-kick-in-report-224373">Venezuela</a> plus the agreed output cuts implemented by the OPEC+ group since January have cut supplies.

US President Donald Trump has urged OPEC to boost oil production in order to tamp down rising prices.

Russia on Monday warned of a strong risk of global overproduction of oil that could lead crude prices to drop below $40 a barrel. "There are really great risks of overproduction today," Russian Energy Minister Alexander Novak said during a meeting with Saudi counterpart Khalid al-Falih in Moscow.

Russia on Monday warned of a strong risk of global overproduction of oil that could lead crude prices to drop below $40 a barrel. "There are really great risks of overproduction today," Russian Energy Minister Alexander Novak said during a meeting with Saudi counterpart Khalid al-Falih in Moscow. "We have to analyse everything... in order to take a balanced decision in July," he said, referring to a key meeting of the so-called OPEC+ alliance between OPEC members and other oil-producing countries including Russia. The alliance is set to meet in Vienna at the beginning of July according to the Saudi minister, to decide whether to extend an agreement on production levels. Russia has agreed with OPEC member countries on cutting production of crude to build up prices after the crash of 2014-15. The 25-member alliance agreed to cut output by 1.2 million barrels per day from the start of this year after oil prices dipped by more than 30 per cent late last year. "Prices can drop below $40 and even down to $30 a barrel," Russian Finance Minister Anton Siluanov told lawmakers on Monday, quoted by Russian agencies. Novak also said that such a scenario "cannot be ruled out". "A lot depends on the situation on the market in the second and third quarter, from the balance of supply and demand, and how the situation develops with uncertainties, trade wars, and sanctions pressures on several countries," he said. "We are working to take preventative steps to avoid the scenario that was discussed," Falih said regarding the prospects of prices falling to $30 a barrel, in translated comments. Massive drops in exports by Iran and Venezuela plus the agreed output cuts implemented by the OPEC+ group since January have cut supplies. US President Donald Trump has urged OPEC to boost oil production in order to tamp down rising prices.

Russia warns of 'great risk' of oil overproduction

Russia's oil contamination crisis is almost over, Energy Minister Alexander Novak said at an economic forum in St Petersburg on Friday.

The country's average daily oil output dropped this month to a three-year low after<a href="https://www.wionews.com/world/putin-flags-wider-investigation-into-contaminated-russian-oil-213928"> contaminated crude clogged</a> its main export route. Contaminated Urals crude was discovered in the Druzhba pipeline to Europe in mid-April.

Following these reports, Poland, Germany, Ukraine and some other countries suspended imports of Russian oil via the Druzhba pipeline.

The problem arose when an unidentified Russian producer contaminated the oil with high levels of organic chloride, which is typically used to boost oil output but which must be separated before shipment as it can destroy refining equipment.

Russia's pipeline monopoly Transneft was investigating the matter. It had earlier said that the contamination which led to the suspension of the oil flows to Europe could be deliberate and that a criminal case was opened.

(With inputs from agencies) 
&nbsp;

Russia's oil contamination crisis is almost over, Energy Minister Alexander Novak said at an economic forum in St Petersburg on Friday. The country's average daily oil output dropped this month to a three-year low after contaminated crude clogged its main export route.

Russia's oil contamination crisis is almost over, Energy Minister Alexander Novak said at an economic forum in St Petersburg on Friday. The country's average daily oil output dropped this month to a three-year low after contaminated crude clogged its main export route. Contaminated Urals crude was discovered in the Druzhba pipeline to Europe in mid-April. Following these reports, Poland, Germany, Ukraine and some other countries suspended imports of Russian oil via the Druzhba pipeline. The problem arose when an unidentified Russian producer contaminated the oil with high levels of organic chloride, which is typically used to boost oil output but which must be separated before shipment as it can destroy refining equipment. Russia's pipeline monopoly Transneft was investigating the matter. It had earlier said that the contamination which led to the suspension of the oil flows to Europe could be deliberate and that a criminal case was opened. (With inputs from agencies)

Russian oil contamination crisis is almost over: Energy minister Alexander Novak

<a href="http://www.wionews.com/world/opec-meets-as-trump-calls-for-oil-taps-to-be-kept-on-181837">OPEC and its allies </a>are working towards cutting oil output by up to 1.5 million barrels per day but could fail to reach a deal if no compromise is found with non-OPEC Russia, the Saudi energy minister said on Thursday.

The Organization of the Petroleum Exporting Countries meets on Thursday but is waiting for news from Russian Energy Minister Alexander Novak, who flew back from Vienna earlier for possible talks with <a href="http://www.wionews.com/world/video-russia-will-make-banned-missiles-if-us-exits-arms-treaty-says-putin-181706">President Vladimir Putin</a>.

Novak returns to Vienna on Friday for talks between Saudi-led OPEC and its allies.

OPEC hopes to prop up the price of crude, which has fallen by almost a third since October, but US President Donald Trump has demanded it make oil cheaper by refraining from output cuts.

"We hope to conclude something by the end of the day tomorrow ... We have to get the non-OPEC countries on board," the Saudi minister, Khalid al-Falih, told reporters.

"If everybody is not willing to join and contribute equally, we will wait until they are."

Asked whether OPEC could fail to reach a deal, he said all options were on the table. Possible output cuts by OPEC and its allies ranged from 0.5-1.5 million bpd, and 1 million bpd was acceptable, he said.

Brent oil futures fell 3 per cent to below $60 per barrel on fears that there could be no deal and as traders and OPEC watchers said a cut of 1 million bpd was below expectations.

"We think OPEC will spend some time to choose the words being used. Being too cautious on the words, to please President Trump, runs, however, the risk of diluting the message," said Olivier Jakob from Petromatrix consultancy.

OPEC delegates have said OPEC and its allies could cut output by 1 million barrels per day if Russia contributed 150,000 bpd of that reduction. If Russia contributed around 250,000 bpd, the overall cut could exceed 1.3 million bpd.

Novak said on Thursday that Russia would find it harder to cut oil output in winter than other producers because of the cold weather.

Oil prices have crashed as Saudi Arabia, Russia and the UAE have raised output since June after Trump called for higher production to compensate for lower exports from Iran, OPEC's third-largest producer.

Russia, Saudi Arabia and the United States have been vying for the position of top crude producer in recent years. The United States is not part of any output-limiting initiative due to its anti-trust legislation and fragmented oil industry.

TRUMP RAISES PRESSURE

Iranian exports have plummeted after the United States imposed fresh sanctions on Tehran in November. But Washington gave sanctions waivers to some buyers of Iranian crude, further raising fears of an oil glut next year.

"Hopefully OPEC will be keeping oil flows as is, not restricted. The world does not want to see, or need, higher oil prices!" Trump wrote in a tweet on Wednesday.

Iranian Oil Minister Bijan Zanganeh said on Thursday he would support a cut as long as Iran didn't need to reduce its own output. Iraqi Oil Minister Thamer Ghadhban said Iraq as OPEC's second-largest producer would support and join a cut.

Possibly complicating any OPEC decision is the crisis around the killing of journalist Jamal Khashoggi at the Saudi consulate in Istanbul in October. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many US politicians to impose stiff sanctions on Riyadh.

OPEC and its allies are working towards cutting oil output by up to 1.5 million barrels per day but could fail to reach a deal if no compromise is found with non-OPEC Russia, the Saudi energy minister said on Thursday.

OPEC and its allies are working towards cutting oil output by up to 1.5 million barrels per day but could fail to reach a deal if no compromise is found with non-OPEC Russia, the Saudi energy minister said on Thursday. The Organization of the Petroleum Exporting Countries meets on Thursday but is waiting for news from Russian Energy Minister Alexander Novak, who flew back from Vienna earlier for possible talks with President Vladimir Putin. Novak returns to Vienna on Friday for talks between Saudi-led OPEC and its allies. OPEC hopes to prop up the price of crude, which has fallen by almost a third since October, but US President Donald Trump has demanded it make oil cheaper by refraining from output cuts. "We hope to conclude something by the end of the day tomorrow ... We have to get the non-OPEC countries on board," the Saudi minister, Khalid al-Falih, told reporters. "If everybody is not willing to join and contribute equally, we will wait until they are." Asked whether OPEC could fail to reach a deal, he said all options were on the table. Possible output cuts by OPEC and its allies ranged from 0.5-1.5 million bpd, and 1 million bpd was acceptable, he said. Brent oil futures fell 3 per cent to below $60 per barrel on fears that there could be no deal and as traders and OPEC watchers said a cut of 1 million bpd was below expectations. "We think OPEC will spend some time to choose the words being used. Being too cautious on the words, to please President Trump, runs, however, the risk of diluting the message," said Olivier Jakob from Petromatrix consultancy. OPEC delegates have said OPEC and its allies could cut output by 1 million barrels per day if Russia contributed 150,000 bpd of that reduction. If Russia contributed around 250,000 bpd, the overall cut could exceed 1.3 million bpd. Novak said on Thursday that Russia would find it harder to cut oil output in winter than other producers because of the cold weather. Oil prices have crashed as Saudi Arabia, Russia and the UAE have raised output since June after Trump called for higher production to compensate for lower exports from Iran, OPEC's third-largest producer. Russia, Saudi Arabia and the United States have been vying for the position of top crude producer in recent years. The United States is not part of any output-limiting initiative due to its anti-trust legislation and fragmented oil industry. TRUMP RAISES PRESSURE Iranian exports have plummeted after the United States imposed fresh sanctions on Tehran in November. But Washington gave sanctions waivers to some buyers of Iranian crude, further raising fears of an oil glut next year. "Hopefully OPEC will be keeping oil flows as is, not restricted. The world does not want to see, or need, higher oil prices!" Trump wrote in a tweet on Wednesday. Iranian Oil Minister Bijan Zanganeh said on Thursday he would support a cut as long as Iran didn't need to reduce its own output. Iraqi Oil Minister Thamer Ghadhban said Iraq as OPEC's second-largest producer would support and join a cut. Possibly complicating any OPEC decision is the crisis around the killing of journalist Jamal Khashoggi at the Saudi consulate in Istanbul in October. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many US politicians to impose stiff sanctions on Riyadh.

OPEC oil cuts at risk as Russia yet to commit

&nbsp;Russia, the Syrian regime&#39;s main backer, plans to help Damascus relaunch its energy industry which has been devastated by years of conflict, Energy Minister Alexander Novak has said.

&quot;We have signed a roadmap, not only in the field of electricity, but also oil and gas, covering the restoration of oil fields and the development of new deposits,&quot; Kovak was quoted as saying by Russian news agencies yesterday.

He did not name any Russian companies that may be involved.

As the main international backer of Syrian President Bashar al-Assad&#39;s regime, Russia has committed itself to aiding in the country&#39;s reconstruction.

Last week an agreement was signed on the &quot;rehabilitation, modernisation and construction of new energy facilities in Syria&quot; Russia&#39;s energy ministry said on its website.

&quot;We attach great importance to restoring the Syrian economy, especially the oil and gas sectors which will certainly contribute to the normalisation of the economic and social situation in the country,&quot; said Novak.

In December a Russian business and political delegation visited Damascus to discuss investment and reconstruction with Assad, including oil and gas projects but also electricity, phosphates, transport and trade.

&quot;Syria is a land of unlimited riches,&quot; Russian Deputy Prime Minister Dmitry Rogozin, who led the delegation, said at the time.

&quot;Russian companies have the moral right to develop large-scale economic projects here,&quot; Rogozin said then.

Russia intervened in the Syrian conflict in September 2015 in support of Assad.

In December last year, President Vladimir Putin ordered the partial retreat of Russian troops from Syria.

'We have signed a roadmap, not only in the field of electricity but also oil and gas, covering the restoration of oil fields and the development of new deposits,' Alexander Novak

Russia, the Syrian regime's main backer, plans to help Damascus relaunch its energy industry which has been devastated by years of conflict, Energy Minister Alexander Novak has said. "We have signed a roadmap, not only in the field of electricity, but also oil and gas, covering the restoration of oil fields and the development of new deposits," Kovak was quoted as saying by Russian news agencies yesterday. He did not name any Russian companies that may be involved. As the main international backer of Syrian President Bashar al-Assad's regime, Russia has committed itself to aiding in the country's reconstruction. Last week an agreement was signed on the "rehabilitation, modernisation and construction of new energy facilities in Syria" Russia's energy ministry said on its website. "We attach great importance to restoring the Syrian economy, especially the oil and gas sectors which will certainly contribute to the normalisation of the economic and social situation in the country," said Novak. In December a Russian business and political delegation visited Damascus to discuss investment and reconstruction with Assad, including oil and gas projects but also electricity, phosphates, transport and trade. "Syria is a land of unlimited riches," Russian Deputy Prime Minister Dmitry Rogozin, who led the delegation, said at the time. "Russian companies have the moral right to develop large-scale economic projects here," Rogozin said then. Russia intervened in the Syrian conflict in September 2015 in support of Assad. In December last year, President Vladimir Putin ordered the partial retreat of Russian troops from Syria.

Russia wants to help Syria relaunch oil production

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