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Ministry of economic development of the Russian Federation

Novak says oil may reach $65 per barrel next year

04.09.2020

According to Russian Energy Minister Alexander Novak, the average oil price may rise to $65 per barrel in 2021, but the market will remain volatile. He called $50-$55 per barrel a more realistic price per barrel.

The average oil price can reach that level. But the dynamics may still be volatile. My forecast is more modest than Goldman Sachs's. I believe that in 2021 we will likely be in the corridor of $50-55 per barrel, TASS quotes Novak.

The minister responded to the question of whether oil could reach $65 per barrel in 2021. 

Speaking at the online conference Energy of the Future, Novak added that both low and high oil prices are possible during the year.

Earlier reported that the volume of oil production in Russia decreased by 7.3 percent in January-August 2020 compared to the same period in 2019.
 
Source: News


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