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Russian government considers $45-55 per barrel oil price range optimum

This price range allows preventing the market from overheating, according to Energy Minister Alexander Novak

© Yegor Aleyev/TASS

MOSCOW, December 25. /TASS/. Russia’s government considers the oil price range of $45-55 per barrel optimum in the current market situation, which allows preventing the market from overheating, on the one hand, and supporting producers, on the other hand, Deputy Prime Minister Alexander Novak told reporters.

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"The range of prices of $45-55 per barrel is optimum for recovery of our production, which we have let strongly down, otherwise we will never restore production, others will do, whereas we will remain at our level all the time," he said.

Head of the commodity strategy department at Saxo Bank Ole Hansen said earlier that the price of Brent crude oil might decrease amid reports about a new strain of the coronavirus that may push the infecting rates up and lead to new lockdowns. That may halt the growth of futures and even get them back, to $46 per barrel in the short-term.

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Russia shelters over 30,000 people fleeing from Ukrainian shelling — commissioner

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Kremlin confident Putin's statement got through to US administration

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Russia inflicts damage on gas production facilities used for Ukraine’s defense industry

Energy facilities backing Ukrainian defense industry extensively attacked

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Iran begins installation of three new generations of centrifuges to enrich uranium — TV

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China against double standards in international law — Foreign Ministry

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Oreshnik can reach targets across entire Europe — missile troops commander

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Illegal decisions on Russian property in Finland will not go unanswered — diplomat

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

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