Global oil price changes unpredictable now — Russian Energy Ministry

Business & Economy March 25, 19:22

Russia’s First Deputy Energy Minister Pavel Sorokin drew attention to the effect of administrative measures used by Western countries to restrain the global supply

ASTANA, March 25. /TASS/. It is impossible to forecast oil price changes now because the market is exposed to unpredictable factors and numerous artificial restrictions, Russia’s First Deputy Energy Minister Pavel Sorokin told reporters.

"It is impossible to forecast now because the price depends on scales of developments that will take place - unpredictable events or escalations. It is impossible to speak about any exact price level now. Certainly, if there is geopolitical uncertainly globally, it will be recognized in prices," Sorokin said.

The official also invited attention to the effect of administrative measures used by Western countries to restrain the global supply. "If specific countries attempt in certain ways to limit the oil flow on account of, appropriately, creation of restrictions for tanker movement, legal or other ones. We see again and again what the Western countries attempt to do - certainly it will influence the oil price," Sorokin added.

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