Oil price below $50 a barrel will affect Russia’s oil, gas sector — energy minister

The fall of crude oil price below $50 per barrel will affect Russia’s oil and gas sector, Russian Energy Minister Alexander Novak said in an interview with the Rossiya 24 TV channel on Monday.

The fall of crude oil price below $50 per barrel will affect Russia’s oil and gas sector, Russian Energy Minister Alexander Novak said in an interview with the Rossiya 24 TV channel on Monday.

“I think that the [oil price] fall below $50 will be quite negative for the sector,” Novak said.

The Brent crude price rose to over $62 on Monday, after falling below $59 a barrel last week.

Earlier this month, Russia’s Economic Development Ministry downgraded its 2015 oil price forecast to $80 per barrel. Oil and gas exports account for about 50% of Russia’s revenues.

First published by TASS.

All rights reserved by Rossiyskaya Gazeta.

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