• 21 hours The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 7 days "And this is perhaps the most dangerous kind of government there can be."
  • 54 mins European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 3 days Demonising fossil fuels has caused major grid problem in Australia
  • 2 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 4 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 329 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 6 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Russia Speaks Out Against High Oil Prices As Brent Nears $100

  • Russia’s Energy Minister, Nikolai Shulginov, claimed that the optimal oil price would be between $55 and $70.
  • Oil prices broke $99 this morning on the back of Russian troops entering Ukraine after Putin declared Donetsk and Luhansk independent territories.
  • Nikolai Shulginov also claimed that Russia does not support high natural gas prices as they slow down the economy and lower demand.

The optimal oil price for the market is $55-$70 per barrel, Russian Energy Minister Nikolai Shulginov told Energy Intelligence in an interview published on Tuesday after oil prices hit a fresh seven-year high and Brent hit $99 a barrel early in the day amid an escalation in the Russia-Ukraine crisis.

High oil prices are good for Russia’s budget and for its hard-to-recover oil resources and projects, on the one hand, but oil so high is also hitting other sectors of the economy and slows demand growth, on the other hand, the Russian minister said.

Asked why Russia doesn’t support more production from OPEC+ if Russia believes that $55-$70 is the optimal price, Shulginov told Energy Intelligence that the country is “increasing production within the agreed volumes.”

Russia looks to increase production and exploration in the coming years, the minister added.

Referring to Moscow’s plans about the Arctic Shelf, Shulginov told Energy Intelligence, “Although these are costly reserves, we still believe that Arctic resources can be utilized in future. The Arctic is a storeroom. There is not only oil, but also gas and potentially rare-earth metals.”

Commenting on whether Russia is interested in high natural gas prices, the minister noted, “High prices are not beneficial for Gazprom and Russia at all, because then consumption decreases, purchases go down, the economy slows down. We are not in favor of high prices, we are in favor of stable supplies.”

The latest escalation of the Russia-Ukraine crisis sent oil prices surging close to $100 a barrel early on Tuesday, with Brent Crude hitting a new seven-year high of $99 before easing to $97 per barrel. Europe’s natural gas prices also spiked, as the market fears a disruption to energy supplies from the major oil and gas exporter, Russia. The benchmark gas prices in Europe jumped by double digits after Germany said it was freezing the certification of the Russia-led Nord Stream 2 pipeline in light of the latest events.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • Lee James on February 24 2022 said:
    I see that Russia speaks out against high oil prices even as Putin and his war machine drive oil prices higher . . . curiouser and curiouser.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News