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Russian Energy Ministry considers $50 per barrel fair oil price

Russia's budget is based in 2019 on oil prices of $43-$45 per barrel, the energy minister noted

© Egor Aleev/TASS

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Russian Energy Ministry notes slowdown in oil demand compared to 2018

MOSCOW, October 7. /TASS/. Russia’s Energy Ministry considers $50 per barrel a fair oil price, Minister Alexander Novak said in an interview with the Reuters news agency.

"Everyone has forgotten about oil at $100 per barrel. We live based on mid-term oil price assumptions of $50 ... Our budget is based in 2019 on oil prices of $43-$45 per barrel," he said.

According to the minister, crude prices will remain close to the current levels over the long-term, as the decline in production in Iran and Venezuela is offset by the output growth in the US and an array of other countries.

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Conflict in Ukraine no longer regional war — German defense minister

Russian President Vladimir Putin said on November 21 that strikes on Russian territory with Western long-range missiles had made the conflict in Ukraine a global one

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