Date: 4 months ago   Category: Energy

Novak: the oil price in $65-75 for barrel will allow to reduce risks of new oil crisis — Rambler News Service


Price of oil at the level of $65-75 for barrel will allow to reduce risks of new crisis in the oil market, the Minister of Energy of the Russian Federation Alexander Novak has reported. "We wouldn't like to have momentary benefit with the subsequent sharp falling of the price. And it can be at high prices because then there is an overproduction, then not absolutely effective projects begin to be implemented, and the market is filled in with oil. It gives the following business cycle - a crisis cycle as it was in 2014. If the prices would be up to standard $65-75 (for barrel), would be such risks less" — the minister in an interview to Russia-24 TV channel has told. Novak has added that in general the world oil market develops cyclically, but there are mechanisms which allow to smooth this recurrence. One of such mechanisms is interaction of Russia with OPEC, the Energy Minister has noted. As it was reported earlier, on September 24 the price of oil of Brent for the first time since November, 2014 has exceeded $81 for barrel. On September 25 the cost of barrel of Brent has exceeded $82, on October 1 — $83 for barrel and on the same day has exceeded marks of $84 and $85 for barrel. On October 3 price of oil has overcome a mark of $86 for barrel. As of 12:12 Moscow time cost of December futures for Brent makes $84,85 for barrel.

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