8 October 2018, 11:59

Gutseriev said, “Who knows what the oil price will be. We hope it will amount to least $60-70 USD per bbl.  Luckily, it is $85 per bbl at the moment”.

He recalled that the oil price had already dropped to $40 per bbl and pointed out that RussNeft adjusts to “each and every circumstance”. He also said that oil production at Safmar assests, among them RussNeft, Neftisa and Forteinvest, should reach 19 mln tons.

Brent price hit a four year high at London Exchange on October 1 and exceeded $86 per bbl on October 3. This growth can be driven by expectations of Iran cutting its export in November due to the US sanctions.

Against this backdrop the traders in the USA and Europe started betting that oil price can rise to $100 per bbl in the nearest months. This scenario was also considered by Alexander Novak, Head of the Ministry of Energy. “It is highly likely currently that oil price can reach $100 per bbl. I am not excluding this situation, as everything is very unclear”, he informed Business FM.

Herewith he pointed out that this growth could affect consumers and generally economy “in a negative way”, due to the risk of the price’s future fall.


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