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Kremlin says no reasons for oil prices to return to high levels

The oil production limiting deal achieved will hopefully make it possible to keep prices at an acceptable level, the Kremlin spokesman said

MOSCOW, April 27. /TASS/. There are no reasons for oil prices to return to high levels but the OPEC+ oil production limiting deal can make fluctuations smoother, press secretary of the Russian President Dmitry Peskov said on Monday in an interview with the Rossiya-24 TV Channel.

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Kremlin says talk about oil output drop possible only after OPEC+ deal enters into force

"There is no occasion to expect the return of prices to very high level but nevertheless, relying on the consensus results, specifically the OPEC+ deal, there are grounds to hope that when it will be in effect from May 1, it will enable damping, that is, making smoother oil price fluctuations and avoiding any collapse values," Peskov said.

Current oil price do not have "a tremendous drop," Peskov noted. The oil production limiting deal achieved will hopefully make it possible to keep prices at an acceptable level, he said. " Yes, this level is lower than we would like to have, slightly lower, but such period cannot last perpetually and the demand for oil and oil products will definitely come; the trend will change to the increase in price parameters also over time," he added.

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