International balance of forces in Syria after Raqqa’s liberation unclear yet — expertMilitary & Defense October 20, 21:05
Russia to resume import of aubergines, pomegranates from Turkey since October 30Business & Economy October 20, 20:18
International station to orbit Moon at 70,000 km distance from EarthScience & Space October 20, 20:09
US indulging in lies to have UN-OPCW mission’s mandate extended — Foreign MinistryRussian Politics & Diplomacy October 20, 19:31
This week in photos: Diplomatic kiss, Paddington's dance and French bank in flamesSociety & Culture October 20, 17:46
Scientific team unlocks secret to supercaps’ vast capacity as ‘the battery of the future’Science & Space October 20, 17:40
Russian economy’s losses from cyber threats may surge fourfold in two yearsBusiness & Economy October 20, 16:52
Nornickel to begin construction of golf field in Siberia in 2018Business & Economy October 20, 16:10
Washington will have to put up with North Korea's nuclear status — PyongyangWorld October 20, 15:21
MOSCOW, December 25. /TASS/. New price balance on oil market should reach $80 per barrel, Russian Deputy Prime Minister Arkady Dvorkovich told TV news channel Rossiya-24.
“New balance may be within a range of $80 per barrel,” he said.
Falling oil price from $110 per barrel to $80 per barrel can be explained by a dropping global oil demand which is on the decline in Europe amid a higher output by several Organisation of Petroleum-Exporting Countries (OPEC) states and a growing shale oil production in the United States, Dvorkovich added.
The oil price dropping lower than $80 per barrel is explained by two reasons, Dvorkovich said. First, this is a speculative play on oil futures contracts.
“But this pay cannot last for long, because speculative instruments are limited and fundamental factors should restore the price,” Dvorkovich noted. The deputy prime minister noted that price reduction would result in lower investments bringing down global output.
Dvorkovich named a political cause as the second reason for a price falling lower than $80 per barrel. He explained that he regards “the rivalry of producing countries for niches on the market” among political factors.
Oil prices will stay at a low level for several months and can even keep falling, but then balance at the level of $80 per barrel should be established, the deputy prime minister said with confidence.