Alexander Novak has been promoted from energy minister to deputy prime minister. However, he will remain in charge as Moscow’s leading representative at OPEC amid oil market volatility, Reuters reported, citing three industry sources. Following Novak’s promotion, Prime Minister Mikhail Mishustin on Monday recommended RusHydro CEO Nikolai Shulginov as Russia’s new energy minister.
Novak was appointed Russia’s energy minister in 2012. Since then, he has led Russia’s negotiations with OPEC and played a key role in a global deal to cut oil supply in 2016. Novak has also continued his role amid the latest collapse in oil prices caused by the COVID-19 pandemic. He said that he would continue overseeing Russia’s energy sector in tandem with Shulginov. One of the sources said that Novak would help Shulginov in the beginning in dealing with OPEC.
