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World oil prices

Oil price to settle at about $100/bbl by 2035 — Novak

According to the the deputy prime minister, it is difficult to make for accurate forecasts for the oil price because it is influenced by a range of various factors

MOSCOW, October 16. /TASS/. Oil prices will settle at a level of about $100 per barrel by 2035, Russian Deputy Prime Minister Alexander Novak said on the air with the Soloviev Live television channel.

"Prices were about $100 [per barrel] in 2013 or 2012. We are now living in 2023 and they are close to this level. They were $95 [per barrel] and now [they are] between $85 and $90 [per barrel]. If prolonging [until 2035] this will be more or less close to $100 [per barrel] from the standpoint of mathematics," Novak said.

It is difficult to make for accurate forecasts for the oil price because it is influenced by a range of various factors, the Deputy Prime Minister noted.

The market will see de-dollarization processes over the coming decade, he added.

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Alexander Novak Oil price

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