Russian Deputy Prime Minister Alexander Novak told reporters on Thursday that after the most recent meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+), oil prices declined due to "wrong interpretations," APA reports citing BBN.
"There are many speculative factors," he explained. Novak further added that he believes oil prices will be between $80 and $85 per barrel until the end of 2024.
Commenting on the OPEC+'s decision to gradually restore oil production starting in October, Novak stated that this will "allow us to balance supply and demand."
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