Minister says current oil price of $70 per barrel unstable

MOSCOW, Jan 19 (PRIME) -- The current oil price of around U.S. $70 per barrel is unstable, as a fair medium-term price is no higher than $60 per barrel, Economic Development Minister Maxim Oreshkin told reporters on Friday.

“Look at market expectations. Look at the forward diagram to see that the market is anticipating a price fall,” he said.

He added that strong prices result in higher investment in the industry both in the U.S. and some Latin American states.

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