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World oil prices

Oil price higher than $50-60 per barrel will lead to oversupply on market — minister

Russian Energy Minister believes that it is inappropriate to raise the price to more than $50-60, because then there will be an overflow of investment in projects and an oversupply

© Vladimir Smirnov/TASS

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Brent crude oil price exceeds $40 per barrel

MOSCOW, March 17. /TASS/. Raising oil prices above $50-60 per barrel is inappropriate, it will lead to oversupply in the oil market, Russian Energy Minister Alexander Novak said on Thursday.

"I think that, in principle, it is inappropriate to raise the price to even more than $50-60, because then there will be an overflow of investment in projects, not very efficient at low prices, and again there will be an oversupply, which in its turn will lead prices down. But it is, so to say, the theory of the question. How it will actually be on the market — there are a lot of different factors that influence. That is why we cannot predict like we do using mathematical models. The dependence is not mathematical here," he told reporters.

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Alexander Novak Oil price

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