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Russian Economic Development Ministry does not consider oil price of $10 likely scenario

February 19, 2016, 10:59 UTC+3 KRASNOYARSK

Meanwhile, Russian Energy Ministry claims the parity oil price to be about $40-50 per barrel

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© Dmitriy Rogulin/TASS

KRASNOYARSK, February 19. /TASS/. The Russian Economic Development Ministry does not consider oil price of $10 per barrel a likely scenario, Deputy Minister of Economic Development Oleg Fomichev told journalists on the sidelines of the Krasnoyarsk Economic Forum on Friday.

"I do not think that oil price of $ 10 per barrel is a likely scenario," Fomichev said.

Meanwhile the Energy Ministry predicted stocks decline on the market will lead to oil price growth and the fair level is $40-50 per barrel. 

Russia’s Deputy Energy Minister Kirill Molodtsov told TASS, "The parity oil price is over $40 a barrel, somewhat about $50. This is the price actually justified by the market and not by futures or the room for speculation. The price will grow as soon as the commodity production will finally start influencing, when consumption and free offer stocks will decline, let us say, by less than 1.5 mln barrels daily."

The federal budget for 2016 is based on the oil price of $50 per barrel.

It was reported earlier Russian Energy Minister Alexander Novak participated in the meeting with representatives of OPEC member-states. Russia, Saudi Arabia, Qatar and Venezuela said after talks in Doha they are ready to maintain oil production at January 2016 level throughout the year if other oil producing nations join this initiative.

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