As pressure on the oil market increases, Russia asserts that it can “live through any price.”

Alexander Novak, Deputy Prime Minister and a key architect of OPEC+, tells Al Arabiya News’ Hadley Gamble that Russia’s economy is growing despite lower oil revenues and conflict in the Middle East.

“Last year, the economy grew by more than 3 percent. It’s actually more than the average in the world, more than Europe, than the US. This year, in seven months, the terms of growth is 4.4 percent,” Novak said, pushing back on the notion that a prolonged period of low prices could penalize Russia in a way that Western-backed sanctions have failed to do.

“It’s a record-breaking [number] of sanctions. I mean we don’t even count them anymore,” he quipped.

He also acknowledged the different opinions on economic forecasts.

“Each economist has their own opinion,” he said. “…we hear different opinions on the economy…they just adapt their forecasts to the facts.”

In February, Reuters reported the war had cost Russia an expected $1.3 trillion in previously anticipated economic growth through 2026. Western sanctions had already forced Russia to sell it’s biggest export at a discount; prices today mean the country’s revenues from oil are falling even further.

“We can live through any price,” the deputy prime minister said.

Asked what impact Hassan Nasrallah’s death will have on price, Novak told Gamble the Middle East is already factored in.

“The events occurring here and now in the Middle East are affecting the market, definitely,” the former energy minister told Gamble on the sidelines of Russia Energy Week in Moscow. “But we can often see that…when there is a moment when it is affecting [the price] rather drastically…it becomes a part of the baseline.”

Last week US oil posted a weekly loss amidst softened demand from China and a report in the Financial Times that Saudi Arabia plans to drop its $100 crude target in a bid to win back market share.

“In recent weeks the prices have been volatile,” admits Novak. “[But] I think things are going to get back to normal.”

On the continuation of Russia’s role in OPEC+, Novak says it will likely continue beyond 2025 despite current price pressure.

“Everything is based on the agreements we have here and now,” Novak told Gamble. “We will see how the situation develops in the markets. Probably we will decide to prolong our relations restricting development on this level or that level.”

And with just 35 days left until America elects a new president, the prospect that more barrels could enter the market by early 2025 cannot be dismissed. Former US President Donald Trump has made no secret of the fact that he wants to push America toward “energy dominance” in record time.

“We don’t know how things are going to turn out after the election, who is going to be elected. It’s hard to say here and now,” Novak told Al Arabiya News. “Of course, it’s going to influence the general balance, the overall balance…[but] we are always ready to work with any country.”