Novak believes that the trend of low oil prices will not be long

Novak believes that the trend of low oil prices will not be long


The decline in oil prices won’t be the lasting trend, said Minister of energy Alexander Novak. He noted that to make predictions difficult.

HILL, 21 Dec. Energy Minister Alexander Novak expects that the trend of low oil prices will not be so long though to do forecasts difficult.

World oil prices continue to decline, the price of Brent crude oil on Monday fell to its lowest level since 2004, amid oversupply in the world market. So, as of 12.56 MSK price of February futures for North sea petroleum mix of mark Brent fell by 1.11% to 36,47 USD per barrel. Earlier, the quotations reached the lowest level since July 2004, having gone below $ 36.2 dollar.

Answering the question of how long the current trend of low oil prices, Novak said that “no one now will not say exactly”.

“In my opinion, this should not be a lasting trend. I have already spoken about my predictions, I will not repeat,” he said.