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Oil prices expected to stay under $80 per barrel till yearend - Rosneft CEO

Igor Sechin added that the company’s budget is based on an oil price of 63 US dollars per barrel

Rosneft CEO Igor Sechin Sergey Bobylev/TASS

Rosneft CEO Igor Sechin

© Sergey Bobylev/TASS

MAGADAN, July 22. /TASS/. Oil prices are likely to stay in a range from 75 to 80 US dollars per barrel till the end of the current year, CEO of Russia’s oil major Rosneft, Igor Sechin, said on Sunday, adding that the company’s budget is based on an oil price of 63 US dollars per barrel.

"Our budget is based on an oil price of 63 US dollars per barrel. Today, we see a price of about 75 US dollars. I think oil prices will stay within this range: from 75 to maximum 80 US dollars per barrel," he said in an interview with Russia’s Rossiya-1 television channel.

By May 2018, prices for Brent crude oil jumped by almost 20% to exceed 80 US dollars per barrel, for the first time since November 2014. By July 10, Brent crude oil price was 78.35 US dollars per barrel.

Meanwhile, Russia’s ministry of economic development anticipates that oil prices will be gradually going down in 2018-2024.

The year-average price for Urals crude oil is expected to go up in 2018 to 69.3 US dollars per barrel from 2017’s 53 US dollars per barrel to begin downwards movement and reach 53.5 US dollars per barrel in 2024.

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