Deputy Minister of Energy Pavel Sorokin said that provided that the equilibrium price of oil would be in the range of 55 to 60 dollars in the range of 55 to $ 60 per barrel. He stated this in a conversation with the news “Izvestia” on the Eastern Economic Forum (WEF).
Sorokin noted that this price will be established if there is no shocks. At the same time, the deputy head of the Ministry of Energy stressed that predicting oil prices – an ungrateful case, especially under current conditions, when the strain “Delta” Coronavirus actively spreads the world. He said that, despite the decline in mortality due to campaign on vaccination, there are still risks, therefore it is impossible to exclude the resumption of locomotives in different countries and slowdown in the global economy.
Previously, Bloomberg reported that in August 2021 the total volume of production of raw materials among the members of the organization of oil exporters (OPEC) increased by 290 thousand barrels per day. This is the highest level from April. Oil production increased in order to resume deliveries after a pandemic break. Despite progress in the restoration of oil production, OPEC produces about ten percent less than the overall quota established by its members.