Novak gives forecast for comfortable oil price for Russia in 2022

Novak gives forecast for comfortable oil price for Russia in 2022
# 29 December 2021 10:24 (UTC +04:00)

In 2022, the oil price of $ 65-80 per barrel will be comfortable for Russia. This forecast was given in an interview with RBC by Russian Deputy Prime Minister Alexander Novak, APA reports citing then24.

He noted that at the moment the oil price is $ 75 per barrel. Novak explained that he deliberately took a large range, since volatility is not excluded in the market. The politician also stressed that despite the fact that the COVID-19 pandemic continues, the demand for oil is still growing.

In addition, the Deputy Prime Minister commented on the statements of the United States, China and a number of other countries about their readiness to print out their strategic oil reserves. According to him, in total we are talking about 50-60 million barrels. At the same time, Novak specified that about 36 billion barrels are consumed annually in the world. In this connection, he expressed confidence that the decision of the countries to release 60 million to the market will not have serious consequences on the balance of supply and demand. “We believe, even if there are some stuffing, their impact on the market will have a short-term effect,” he said.

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