Russia’s energy minister doubts oil price will get back to 2014 level

The oil price is unlikely to get back to the level of more than $100.

The oil price is unlikely to get back to the level of 2014 of more than $100 per barrel, Russia’s Energy Minister Alexander Novak said in an interview aired by the Rossiya-24 TV news channel on Wednesday.

"[Oil] prices have stabilized in the range of $50-55 per barrel. This is good for the oil and gas market in order to ensure long-term investments in the sector, which by the way have dropped by around $500 bln over the past 2.5 years. I think that if oil prices keep at this level both consumers and producers will benefit," he said.

According to Novak, oil prices are unlikely to surge to the level of 2014 of more than $100 per barrel, as the market has changed, new technologies have emerged, reducing oil production costs and raising efficiency.

First published by TASS.

All rights reserved by Rossiyskaya Gazeta.

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