The energy Ministry does not consider the possibility of reducing the price of oil to $10

The energy Ministry does not consider the possibility of reducing the price of oil to $10


The possibility of reducing oil prices to 10 dollars per barrel is unlikely, said Minister of energy Alexander Novak, noting that this bottom may be short-term any price.

MOSCOW, 15 Jan. The Ministry of energy of the Russian Federation does not consider the possibility of reducing the price of oil to $ 10 per barrel, said in an interview with RBC, the Minister of energy Alexander Novak.

“I think up to 10 dollars (per barrel — ed.) pretty low percentage of probability is the possibility of reducing these prices, we do not consider such options. Let me repeat that the bottom can be short-term any price. The question in the first place is based on average prices, and that is why you need certainly to consider the sustainability of those or other prevailing market prices”, — said Novak.

Oil prices steadily falling over the past 18 months because of the glut in the oil market and a high level of production of “black gold”. In the new year the price of a barrel of Brent crude oil has already dropped below $ 30. The Minister of economic development Alexei Ulyukayev expressed the view that low oil prices will persist for a long time.