The Russian Energy Ministry is pleased with the current price of oil on the global world and expects a customary price decrease in winter over a contraction of demand, Russian Energy Minister Alexander Novak said on Monday
VLADIVOSTOK (Pakistan Point News / Sputnik - 10th September, 2018) The Russian Energy Ministry is pleased with the current price of oil on the global world and expects a customary price decrease in winter over a contraction of demand, Russian Energy Minister Alexander Novak said on Monday.
"The prices are good ... Statistics will show [the year-average price]," Novak told reporters on the sidelines of the Eastern Economic Forum (EEF) in Vladivostok.
He recalled that oil prices were always higher in summer due to high demand.
"And in winter there are often risks of a contraction of demand ... In case of large production [of oil], this would certainly put pressure on prices. I will agree with the [Russian] Economic Development Ministry that in winter we have more risks concerning the price, a certain [price] adjustment is possible," Novak said.
On September 6, the Russian Economic Development Ministry said that the expected average price of Urals oil would go up to $69.6 per barrel in 2018 and then fall to $63.4 per barrel in 2019. According to the ministry, the oil price reached its peak this summer, and it is expected to gradually decrease against the backdrop of output increases from the United States and the Organization of the Petroleum Exporting Countries.
