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Russian energy minister says oil prices may grow in 2017

July 24, 17:31 UTC+3 MOSCOW

Russia’s Energy Ministry maintains a forecast of $50-60 per barrel in the second half of the year

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© Egor Aleev/TASS

MOSCOW, July 24. /TASS/. Russia’s Energy Ministry sees potential for growth in oil prices, but so far it maintains a forecast of $50-60 per barrel in the second half of the year, Energy Minister Alexander Novak said in an interview with the Rossiya 24 TV channel.

"My forecast was that the price in the second half of the year could be between $50 and $60. Let’s see how the events will develop. The third quarter is special, because [during this period] demand is growing, so we will monitor it. The price level sufficiently reflects the real picture, although there is a potential for price growth," he said.

In June 2017, the average price of Urals oil blend was $45.65 per barrel. In April, the price of Brent oil blend reached more than $56 per barrel.

Oil production cut agreement

Full compliance with the oil production cut agreement between OPEC member states and countries and outside will make it possible to withdraw 200,000 barrels of oil a day from the market, Novak went on. 

"We believe that if those countries that are not fully fulfilling their obligations for the moment (to cut production - TASS) comply 100% with the agreement, this will give an additional effect. According to our estimates, about 200,000 barrels, this should be added to reduction in production in comparison with today's level," the minister said.

Novak explained that, according to the results of six months, the level of compliance with the agreement was about 98%.

Earlier Novak noted that the monitoring committee insists on 100% compliance with the oil production cut agreement by all OPEC countries and non-OPEC oil producers.

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