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Novak says oil prices could drop to $30-35 should oil output cut deal be failed

December 11, 2016, 19:38 UTC+3 MOSCOW

Earlier, Novak said the oil price of 55-60 U.S. dollars per barrel is comfortable for both producers and consumers

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© Egor Aleev/TASS

MOSCOW, December 11. /TASS/. Global oil prices might have dropped to 30-35 U.S. dollars per barrel, or by 20 U.S. dollars below the market level should OPEC countries and non-OPEC oil producing countries fail to reach an agreement on oil production cuts, Russian Minister of Energy Alexander Novak said.

"The current market consensus-based price is in a range of 50-55 U.S. dollars. It is by about 20 U.S. dollars higher than its might be should the deal be failed," he said in an interview with Prozdnyakov program on NTV television channel to be aired on December 12.

Earlier, Novak said the oil price of 55-60 U.S. dollars per barrel is comfortable for both producers and consumers.

On Saturday, eleven non-OPEC nations reached an agreement to join the oil cartel OPEC in a bid to curb oil production. Among them are Russia, Mexico, Kazakhstan, Oman, Azerbaijan, Malaysia, Bahrein, Equatorial Guinea, South Sudan, Brunei and Sudan. Oil production is to be cut by 558,000 barrels per day starting from January 1, 2017. Bolivia, which attended the talks, refused from reducing its oil output. Thus, overall oil production will be cut by 1.7-1.8 barrels.

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