Russian Deputy Prime Minister Alexander Novak expected oil prices to exceed $80 a barrel by the end of this year (2023).
He said that the current Brent crude prices, which range between 75 and 76 dollars per barrel, reflect the market’s assessment of the global macroeconomic situation, according to the data reviewed by the specialized energy platform.
Russian President Vladimir Putin confirmed, in statements, yesterday, Wednesday, that energy prices are close to “economically justified” levels, indicating that his country will continue to fulfill its obligations regarding energy supplies.
Oil prices
Oil prices fell today, Thursday, May 25, 2023; Uncertainty over whether the US will avoid a debt default has weighed on the prospect of further OPEC+ production cuts.
Oil prices received support from the tightening of US crude and fuel supplies and the warning of Saudi Energy Minister Prince Abdulaziz bin Salman to speculators; This raised the possibility of further cuts by OPEC+.
Prince Abdulaziz bin Salman said, in his speech during the Qatar Economic Forum, on Tuesday: “Speculators – as is the case in any market – will remain. I constantly tell them that they will suffer. They suffered in April. I do not have to reveal my papers; Beware.”
OPEC+ meeting
Alexander Novak said that he does not expect new steps from the OPEC + group of oil producers at its meeting in Vienna, on June 4, after the group announced a large production cut earlier.
Saudi Arabia and other OPEC+ oil producers announced cuts of around 1.6 million barrels in April after crude prices fell in March towards $70 a barrel, the lowest in 15 months.
The OPEC + alliance is scheduled to hold a personal meeting in Vienna, on June 4, according to data seen by the specialized energy platform.
“This will be the first face-to-face meeting in 6 months, and we are waiting, as usual, to assess the situation on the market,” Novak said, according to Reuters.
He added, “But I don’t think there will be any new steps, because only a month ago certain decisions were taken regarding the voluntary reduction of oil production by some countries due to the fact that we saw the slow pace of global economic recovery.”
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