MOSCOW, Oct 7 (PRIME) -- Russian Energy Minister Alexander Novak said Monday he believes the fair oil price in the medium term amounts to U.S. $50 per barrel, while the price of $100 per barrel was long ago.
“Everyone has long ago forgotten about the (price of) $100 (per barrel). We live on the assumption that in the medium term fair prices are $50 (per barrel). The budget for 2019 is based on the price of $43– 45 per barrel,” Novak said in an interview with Reuters.
Russia has been reducing oil production with OPEC since 2017, and this allowed for keeping prices at levels that stimulate investments in new fields, he added.
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