Belousov: oil prices below $40 per barrel may persist long

Belousov: oil prices below $40 per barrel may persist long

How long can the period of low oil prices, the Russian presidential aide Andrei Belousov said, however, reported that there is reason to believe that it might be long enough.

MOSCOW, Dec 15. The Russian authorities see no reason to believe that oil prices below 40 dollars a barrel could remain for quite some time, said Russian presidential aide Andrei Belousov.

Another crash in the oil market began after the OPEC’s decision of 4 December to keep the quota for oil production at 30 million barrels per day, despite the low prices and the overabundance of raw materials on the market. Against this background, oil prices last week has renewed seven-year lows on Thursday after the cost of the January futures for WTI crude oil amounted to below 35.5 us dollar per barrel, Brent blend – 37.9 USD per barrel.

“We believe that there is every reason to think it could last a long time,” said Belousov to journalists, answering the question whether the trend price of oil below $ 40 per barrel, or random bursts.

How long can this period of such low prices, Belousov refused to comment.