World oil prices

18 Mar, 11:59

Oil prices hard to forecast, as geopolitical factors influence market — Novak

The official noted that oil refineries in Russia were operating normally, despite drone attacks, and that the domestic market was fully supplied with oil products

MOSCOW, March 18. /TASS/. It is hard to forecast oil prices at the moment, since geopolitical factors influence the market, Russian Deputy Prime Minister Alexander Novak told reporters.

"Forecasting prices is a thankless task. It is important that there is a balance of supply and demand on the market," he said.

At the same time, various factors influence the market, including geopolitics and risk factors, Novak noted.

"As long as the market is stable, prices are stable," the deputy prime minister stressed, adding that the balance of supply and demand in the market is maintained thanks to the decisions of OPEC+.

Novak also noted that oil refining in Russia may increase in 2025. "I think that perhaps even refining figures will be somewhat higher. Because last year we had, as you remember, various situations related to the shutdown of some oil refineries for repairs and situations related to shelling. Therefore, this year, taking into account the overall refining volumes, they will be somewhat higher," he said.

Novak also noted that oil refineries in Russia are operating normally, despite drone attacks, and that the domestic market is fully supplied with oil products. According to Novak, the government sees this based on the state of the stock market.

The price of Brent crude futures with May delivery on London’s ICE exchange on Tuesday rose above $72 per barrel for the first time since March 3, 2025, according to trading data. A of 12:32 Moscow time, the price of Brent rose by 1.32% to $72.01 per barrel.

Novak earlier said that Russia considers the desire of the new US administration to take over part of the oil market in a non-competitive way , including by lowering oil prices, unacceptable.

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