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Russia can take part in creating strategic petroleum reserve in Vietnam — Novak

Russian Deputy Prime Minister Alexander Novak said Moscow and Hanoi are in talks over Russian participation in creating a strategic petroleum reserve in Vietnam and discussed LNG supplies. Speaking at SPIEF-2026, Novak also called $80 per barrel a balanced oil price and said Russia is among the five countries with the lowest petroleum product prices.

By Tertius News AI Desk 1 outlet · 5 articles Version 1 Coverage Jun 4–6, 2026 Published Aug 13

Coverage Comparison

All reporting on these developments comes from Russia's state news agency TASS, which is the official general information partner of the St. Petersburg International Economic Forum (SPIEF-2026). TASS has published multiple articles covering statements by Russian Deputy Prime Minister Alexander Novak at the forum, held June 3–6 in St. Petersburg. The agency's reports are consistent in attributing the remarks directly to Novak and provide no conflicting accounts from other sources. As a state-owned outlet, TASS's coverage focuses on official Russian government positions, and no independent verification of the statements or the negotiations has been published at this time.

Key Claims

Russia and Vietnam discuss strategic petroleum reserve. Novak told reporters on the sidelines of SPIEF on June 4 that Russia and Vietnam are holding talks on Moscow's participation in creating a strategic petroleum reserve in Vietnam. "We talked in particular about creation of the strategic reserve and participation of Russian companies to provide support in this regard," Novak was quoted as saying. This claim was reported by a single TASS article and has not been independently confirmed by other outlets or official Vietnamese sources.

LNG supplies under negotiation. In a separate set of remarks also reported by TASS, Novak said Russia and Vietnam are negotiating supplies of Russian liquefied natural gas (LNG). "Yes, we had discussions. Vietnam is interested. The work is active in this area and our Russian companies are interacting with Vietnamese partners," he said. Novak also cautioned about lower investment in the energy sector in recent years, warning that "the balance of supply and demand will not be supported without investments." Like the reserve talks, this claim appears in a single TASS report.

Balanced oil price at $80. In comments on the oil market, Novak said the equilibrium price that satisfies both consumers and producers is around $80 per barrel for Brent, with a deviation of $5 in either direction. "We have always stated that the Brent price level of roughly $80, plus or minus $5, is balanced. Within this range, consumers will likely be satisfied, and producers will have the opportunity to implement their investment programs," he said. This statement was carried in two TASS articles, making it the most widely reported claim in the set.

Russia in top five lowest petroleum prices. Novak also asserted that Russia is among the five countries with the lowest prices for petroleum products. "We are among the five countries with the lowest prices because, overall, we have built such a mechanism for pricing petroleum products that allows prices to rise no faster than inflation," he said, adding that prices are still increasing at the level of inflation. This claim was reported by a single TASS article.

Perspectives

Novak's statements were made at the 29th St. Petersburg International Economic Forum, an annual event organized by the Roscongress Foundation, with TASS as its official general information partner. This year's theme was "Pragmatic Dialogue: The Path to a Stable Future," and Saudi Arabia was the guest country. The forum's platform is typically used by Russian officials to outline Moscow's economic and energy priorities.

The remarks on Vietnam reflect a broader pattern of Russia expanding energy ties in Southeast Asia, though the negotiations appear to be at an early stage, and details about timelines, volumes, or investment have not been disclosed. Novak's characterization of $80 as a "balanced" price is consistent with earlier Russian positions on oil market stability, but it does not reflect a formal policy commitment. Similarly, his claim about low domestic petroleum prices is a government assessment and has not been independently audited.

In the absence of reporting from non-Russian outlets, the statements should be read as official Russian positions presented at a government-affiliated forum. The talks with Vietnam, while plausible given existing energy cooperation, have not been confirmed by Vietnamese authorities or by any independent source.