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Economic Ministry expects oil prices at $52-53 per barrel in December

December 12, 2016, 21:46 UTC+3

The price hike will push Russia’s export revenues up, a representative of the ministry said

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MOSCOW, December 12. /TASS/. The price of Urals crude oil will amount to $52-53 per barrel in December 2016, a representative of the Economic Development Ministry told TASS Monday.

"Russia’s Economic Development Ministry expects the average price of Urals crude oil to be $41.7 per barrel in 2016, and around $52-53 per barrel in December," he said.

According to the source, the decision of oil-producing nations to cut production was expected.

"Yes, it was expected. The rise in global oil prices, which will follow the OPEC crude production cut, will cause a growth in nominal export yields," he said, adding that the use of those yields would boost investments in core assets and household consumption.

On December 10, OPEC and non-OPEC countries signed the agreement on joint reduction of oil output at a meeting in Vienna on December 10. Also, 11 countries will join the announced cut by OPEC members of 1.164 mln barrels per day in the first half of next year, and reduce production by another 558,000 barrels per day. Thus, the total crude oil production cut will amount to 1.7-1.8 mln barrels per day.

 

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