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.