Russian energy minister says oil prices may grow in 2017Business & Economy July 24, 17:31
Putin fills in Normandy Four on Russia’s approaches to key Minsk accord provisionsRussian Politics & Diplomacy July 24, 16:57
Normandy Four leaders call for ceasefire in DonbassWorld July 24, 16:29
Archstoyanie: Russia's largest land art festivalSociety & Culture July 24, 16:08
Russian aircraft deliver almost 6,000 strikes on gunmen in Syria in 2 monthsMilitary & Defense July 24, 16:06
FIFA: all collected doping tests at 2017 Confederations Cup in Russia test negativeSport July 24, 15:49
Kremlin refutes ‘fake’ news reports on Russia's alleged funding of anti-fracking activistsBusiness & Economy July 24, 14:54
Russia, EU discuss joint energy projectsRussian Politics & Diplomacy July 24, 14:51
Russia proposes Moscow and Sochi for hosting 2019 World Boxing ChampionshipSport July 24, 14:20
MOSCOW, January 13. /TASS/. Chief of the Center for Strategic Research (CSR) and ex-Finance Minister Aleksei Kudrin said one should not count on a stable oil price around $60 per barrel as the United States will expand shale oil production, which will restrain its cost growth despite the agreements on crude production cut.
"It’s clear that the US will expand shale oil production, which will substantially change the situation on global oil markets. I think one should not count on a stably high oil price of $60 (per barrel) and higher," he said, adding that he expects the price for oil to be "around $40 and $60 in the next 5-10 years."
According to Kudrin, all decisions related to the reduction of global crude output are usually short-term and imply a 1.5-year period.
On December 10, 2016 OPEC and non-OPEC countries signed an agreement on joint reduction of oil output at a meeting in Vienna. Also, 11 countries will join the announced cut by OPEC members of 1.164 mln barrels per day in the first half of this 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. Russia plans to cut its oil production by 300,000 barrels per day in the first half of this year.