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Russian energy chief sees oil price subsiding to $50 per barrel for long term

Russia's energy minister says the oil price will ebb to around $50 per barrel for the long term

© AP Photo/Gary Kazanjian

GORKI, September 18. /TASS/. The oil price will ebb to around $50 per barrel for the long term, Russia’s Energy Minister Alexander Novak said at a meeting headed by Prime Minister Dmitry Medvedev on Tuesday.

"The oil price will be around $50 per barrel in the long term, meaning that the current surge in oil prices jumping to $70-80 (per barrel) is temporary," he said.

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Full transition to excess-profits tax in oil industry possible in 3-5 years

According to Novak, the global demand for crude oil will start dwindling once competition increases, which is why countries are currently beginning to actively compete to be able to cash in on hydrocarbons reserves, and stimulate crude production.

Earlier Reuters reported citing sources that Saudi Arabia wants oil to hover between $70 and $80 a barrel for now as it "strikes a balance between maximizing revenue and keeping a lid on prices until the US congressional elections.".

Russian state revenues from oil taxes may go down by 3.3 trillion rubles ($48.7 bln) without additional measures to stimulation production in the country, he said.

"The dynamics of state budget revenues may turn negative starting 2022 as the total amount of taxes may drop by 3.3 trillion rubles ($48.7 bln) per year, and investment - by another 1.3 trillion (rubles) ($19.2 bln)," he said, adding that the trend results from the rising cost of production and excessively high taxes on West Siberian fields.

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US journalist calls US President Joe Biden’s government 'the fascist state'

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Russian forces cut off key Ukrainian supply route in Velikaya Novoselka, DPR

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Russian forces gain foothold in Chasov Yar’s industrial zone — expert

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North Korean leader warns of growing risk of nuclear war — KCNA

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Russian ambassador says UK prime minister doesn’t understand situation in Ukraine

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Russian air defense deflects attacks with Western missiles — Putin

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Zelensky shook up by Russia’s response to permission to attack it — Lavrov

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Biden’s actions on Ukraine meant to 'muck things up' for Trump — Lavrov

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US missile defense base in Poland long among Russian army’s targets — Foreign Ministry

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Russian military to warn Ukrainian civilians of future Oreshnik attacks — Kremlin

Earlier, the Russian Armed Forces carried out a precision strike on Ukraine’s Yuzhmash defense industry facility in retaliation for the use of US-and UK-made weapons for strikes on Russia

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Earlier, Putin stressed that the Ukrainian army is unable to fire the latest Western-made long-range missiles on its own without support from NATO satellite feeds and the involvement of the bloc’s military

Russia encircles largest Ukrainian fortification in southern DPR — security services

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US to impose export restrictions against up to 200 Chinese firms — agency

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Signal to West and 'red card': experts weigh in on Putin’s missile launch statements

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Ukrainian defense line in Donbass may soon collapse — expert

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Ukraine was warned about possible missile strike — Pentagon

Department of Defense Deputy Press Secretary Sabrina Singh gave no answer to the question of how could Ukraine prepare for this kind of attack

West builds up military presence near Russia’s Arctic borders — presidential aide

According to Nikolay Patrushev, the "imposed sanctions restrictions are aimed at thwarting the implementation of Russia’s Arctic projects"

Soyuz rocket carrying Progress MS-29 cargo spaceship blasts off from Baikonur spaceport

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Oreshnik can reach targets across entire Europe — missile troops commander

"Based on the tasks and the range of this weapon, it can hit targets across entire Europe, which sets it apart from other high-precision long-range weapons," Sergey Karakayev said

Captives, Ukrainian losses: situation in Kursk Region

Over the day, the enemy lost more than 150 people, while five Ukrainian servicemen surrendered

Russian servicemen control 30% of Chasov Yar in DPR — expert

According to military expert Andrey Marochko, 10% of the territory is the so-called grey zone

US decision to allow missile strikes deep into Russia fuels global escalation — Slovak PM

Robert Fico also rejected the belief that this escalation would not impact "those living far away, in Spain, England, or America"

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Robert Fico pointed out that "more and more evidence show that the West seeks to prolong the war in Ukraine for various reasons"

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Maria Zakharova noted that the Russian Embassy in Helsinki has sent requests to clarify the situation

Over 1,200 children from Dagestan remain in refugee camps in Middle East

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Russian President Vladimir Putin delivered a televised address to the nation on November 21, announcing that in response to the West’s decision to authorize strategic-depth strikes on Russia, Moscow used its new Oreshnik medium-range hypersonic ballistic missile for the first time

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Japanese government refrains from commenting on Russia’s latest hypersonic missile

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China against double standards in international law — Foreign Ministry

Spokesman Lin Jian highlighted Washington's use of double standards in handling the Israeli-Palestinian conflict within the United Nations

Russia entitled to use weapons against military sites of states attacking it — Duma

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Western air defense systems unlikely to intercept Russian missiles — France’s Le Monde

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Japanese lawmaker praises Putin's restraint amid decision to strike deep into Russia

Top EU diplomat Josep Borrell confirmed that the US administration had lifted restrictions for US-supplied missiles to be used for strikes up to 300 kilometers inside Russia

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State Department says US-India relations hit some headwinds due to Russia, BRICS

Kurt Campbell said that it is important to 'keep attention on the horizon'

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Putin’s remarks on hypersonic missiles send serious warning to West — Turkish politician

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Ukraine loses up to 160 troops in battlegroup East’s responsibility area — top brass

Units of the Russian battlegroup East continue fulfilling military tasks in the area of the special military operation

Russia's Oreshnik missile poses significant threat to West, Turkish expert warns

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NATO enters conflict, Russia has every right to attack its targets now — expert

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Press review: US lets Kiev use anti-personnel mines and Iran may halt uranium enrichment

Top stories from the Russian press on Thursday, November 21st

Enemy has no countermeasures for Russia’s Oreshnik missile — Putin

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Ukraine should consider territorial concessions to Russia in return for peace — magazine

Foreign Policy pointed out that Western officials should stop insisting in public speeches on the need to achieve a strategic defeat for Russia

US not seeking confrontation with Russia, but will continue assistance to Kiev — Pentagon

Department of Defense Deputy Press Secretary Sabrina Singh also claimed that Washington, while helping Ukraine, is not attempting to turn the conflict into a large-scale regional confrontation that spills beyond the country’s borders

US, European officials suggest returning nukes to Ukraine — NYT

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India, Russia discuss defense industry within military cooperation commission

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Zelensky’s actions make Ukraine vulnerable to coup, says politician

"Democratic institutions in the country have been destroyed, rendering dialogue between the government and the people impossible," Viktor Medvedchuk said

Eliminating best enemy units: Defense Minister visits special op area

Andrey Belousov stressed that Russian troops have accelerated their advance in the special military operation zone and have effectively disrupted Kiev's 2025 military campaign

Lukashenko grants asylum to Schmidt persecuted on political grounds by Poland

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Kremlin confident Putin's statement got through to US administration

Russian President Vladimir Putin said on November 21 that the United States and its NATO allies had earlier announced that they would authorize Ukraine’s use of long-range weapons to hit inside Russia, after which American and British missiles struck Russian military facilities in the Kursk and Bryansk regions

Ukrainian frontline may 'collapse' under onslaught of Russian forces — BBC

According to the experts, Ukraine’s incursion into Russia’s borderline Kursk Region turned out to be a "strategic catastrophe" amid "manpower shortages"

Putin says Oreshnik missile system cutting-edge innovation by Russia, not Soviet byproduct

The Russian Defense Ministry announced earlier in the day that the country’s latest Oreshnik intermediate-range ballistic missile hit all the targets at a major Ukrainian military-industrial enterprise in Dnepr (Dnepropetrovsk) with its MIRVed warheads

Good relations between Moscow, Riyadh helping oil market stability — Medvedev

"Our friends are living in the Arab world," the politician noted

IN BRIEF: What Putin said about Russia’s new missile, and Moscow’s response to the West

Moscow used its new Oreshnik medium-range hypersonic ballistic missile in response to the West’s decision to authorize strategic-depth strikes on Russia