Oil to cost $100-$150 by 2020, says Deputy Energy Minister

Oil will cost between $100 and $150 a barrel by 2020, Deputy Russian Energy Minister Kirill Molodtsov said at the Sakhalin Oil & Gas Conference.

Oil will cost between $100 and $150 a barrel by 2020, Deputy Russian Energy Minister Kirill Molodtsov said at the Sakhalin Oil & Gas Conference.

He said the forecast was based on the fact that most oil producing nations were budgeting for more than $90 a barrel. Most conference delegates shared that view.

Delegates were also asked whether they thought the EU and U.S. sanctions against Russia would affect the timing of offshore projects. Most those who voted (200 of 259) said they thought the sanctions would affect these projects. Also, 109 of 189 delegates said they thought independent gas producers ought to be admitted to the Power of Siberia pipeline, which Gazprom is building.

Read more: Only 53 years’ worth of oil left, say experts>>>

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