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Oil price below $50 a barrel will affect Russia’s oil, gas sector — energy minister

December 22, 2014, 13:12 UTC+3 MOSCOW
The Brent crude price rose to over $62 on Monday, after falling below $59 a barrel last week
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Oil field equipment

Oil field equipment

© AP Photo/Orlin Wagner, File

MOSCOW, December 22. /TASS/. The fall of crude oil price below $50 per barrel will affect Russia’s oil and gas sector, Russian Energy Minister Alexander Novak said in an interview with the Rossiya 24 TV channel on Monday.

“I think that the [oil price] fall below $50 will be quite negative for the sector,” Novak said.

The Brent crude price rose to over $62 on Monday, after falling below $59 a barrel last week.

Earlier this month, Russia’s Economic Development Ministry downgraded its 2015 oil price forecast to $80 per barrel. Oil and gas exports account for about 50% of Russia’s revenues.

Infographics Oil prices over 30 years Oil prices over 30 years
Year-average inflation-adjusted oil price. Infographics by TASS

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