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World oil prices may return to optimal $90-100 range — energy minister

October 22, 2014, 12:12 UTC+3 MOSCOW
If world oil prices fall to $80-90 per barrel, many oil and gas projects, including projects in the US, will become unprofitable, Russian Energy Minister Alexander Novak says
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© AP Photo/Charles Krupa

MOSCOW, October 22. /TASS/. World oil prices may soon return to the optimal range of $90-100 per barrel, Russian Energy Minister Alexander Novak said on Wednesday.

“Oil prices may soon return to the range of $90-100 per barrel, which is optimal for oil producers,” the minister said at the national oil and gas forum.

If world oil prices fall to $80-90 per barrel, many oil and gas projects, including projects in the United States, will become unprofitable, the Russian energy minister said. “This will cause a fall in oil supply,” he said.

Russian gas output will make 650 billion cubic meters in 2014 against 668 billion cubic meters in 2013, Novak noted.

“Russian gas output in Russia will reach 650 billion cubic metres in 2014, which is slightly lower than in the previous year,” Novak said.

Undistributed oil & gas fields

Russia’s undistributed oil and gas fields account for 6.5% and 5.5% of the country’s resources, Natural Resources Minister Sergey Donskoi said Wednesday at an oil and gas forum.

“The undistributed funds stand at 1.9 billion tons of oil, or 6.5% of total oil reserves, and 3.8 trillion cubic meters of gas, or 5.5% (of total gas reserves),” Donskoy said.

He added that the ministry received 120 exploration requests this year, compared with 14 last year.

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