Oil price of $40-43 per barrel more or less balanced - Novak | Eurasia Diary - ednews.net

4 August, Tuesday


Oil price of $40-43 per barrel more or less balanced - Novak

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The Russian Ministry of Energy considers the current oil price of $40-43 per barrel more or less balanced and does not expect price changes after the weakening of the OPEC+ production restrictions, Energy Minister Alexander Novak told reporters, EDNews.net reports citing Tass.

"No, we do not expect it, because the market is already conscious of it," he said, answering a question about whether a change in oil prices is expected in connection with the transition of OPEC+ to some growth in production.

Speaking about the price expectations, Novak said that "now [the oil price] has been holding for a month at the level of $40-43, the price is more or less balanced."

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