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World oil prices

Accounts Chamber notes risk of Urals oil price not meeting forecasts in 2018

As of now oil futures are likely to stay at the current or higher level amid potential US sanctions against Iran

MOSCOW, June 4. /TASS/. Russia’s Accounts Chamber has noted risks of Urals crude oil price not meeting forecasts in 2018 amid potential US sanctions against Iran, according to the Chamber's report for a bill on amendments to 2018 budget released on Monday.

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Oil prices might return to $60 against background of OPEC+ increasing production

"As of now oil futures are likely to stay at the current or higher level amid potential US sanctions against Iran, including restrictions on oil exports from the Islamic Republic, which creates risks for the price of Urals crude oil to meet the forecast in 2018," the report said.

The forecasted oil price has been raised to $61.4 per barrel in the draft budget versus $43.8 per barrel expected earlier.

Meanwhile, the Economic Development Minister Maxim Oreshkin said on Monday that the average oil price is expected at the level of $65-70 per barrel in 2018.

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