Russian Energy Ministry considers $50 per barrel fair oil price

Russian Energy Ministry considers $50 per barrel fair oil price
  • Clock-gray 14:00
  • calendar-gray 07 October 2019

Russia’s Energy Ministry considers $50 per barrel a fair oil price, Minister Alexander Novak said, APA reports citing TASS

"Everyone has forgotten about oil at $100 per barrel. We live based on mid-term oil price assumptions of $50 ... Our budget is based in 2019 on oil prices of $43-$45 per barrel," he said.

According to the minister, crude prices will remain close to the current levels over the long-term, as the decline in production in Iran and Venezuela is offset by the output growth in the US and an array of other countries.

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