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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. 

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Russia’s Gazprom Neft Sees Oil Prices Topping $30 This Summer

Oil prices will top $30 a barrel this summer as demand will start to recover slowly, Alexander Dyukov, chief executive at Russian oil producer Gazprom Neft, told a Russian television channel in an interview on Friday.

Dyukov, head of Gazprom’s oil arm, said that he hoped oil prices would exceed $30 a barrel in the summer and approach $40 per barrel by the end of this year.  

The manager, however, noted that demand recovery would not be V-shaped, and there would not be a jump in prices in May, although this is the month in which the new OPEC+ cuts enter into force.  

Last month, Dyukov told Russian business daily Kommersant that if US states ease lockdowns and oil demand improves, oil prices could recover to $40-$45 a barrel by the end of this year.

As part of the OPEC+ deal, Russia pledged to cut its production to 8.5 million bpd in May and June from a February 2020 baseline, or by around 2 million bpd, or by 19 percent, from February 2020, Russian Energy Minister Alexander Novak told Interfax in an interview earlier this week. Assuming full compliance, Russia could see its oil production decline by 15 percent annually in 2020, according to Novak. As per Reuters estimates, a drop in 2020 production would be the first decline in Russia’s oil output since 2008.

According to Gazprom Neft’s Dyukov, Russian companies cutting so much production as per the OPEC+ deal would not be an easy task, but it is achievable.

Russia has rarely complied 100 percent with the previous OPEC+ pacts over the past three and a half years.

Even though the OPEC+ deal begins on May 1, oil prices will not rise much in the near future because of very high global inventories, minister Novak said in an article published in the ministry’s publication Energy Policy this week.

China is already showing signs of recovering economic activity, and we hope that other economies could see positive developments in a few months, too, Novak said, but warned:

“Nevertheless, you should not expect a jump in oil prices in the near term, due to the current oversupply on the market.”

By Tsvetana Paraskova for Oilprice.com

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  • Maxander on May 04 2020 said:
    Russia should better comply with the production cut this time otherwise it would risk of getting completely isolated from oil markets around the world. & that could pose serious problem for demand for Russian oil in future. Nations wont buy crude oil from Russia.
  • John Di Laccii on May 05 2020 said:
    This does not have to be necessarily bad, as this might change the World forever. For instance we can get rid of Saudi influence in the World. Once you visit Saudi Arabia, you come to conclusion that there is nothing there but dullness of people and grey buildings, slavish relations, fanaticism, and loads of plastic waste on sides of every single road. Dirty country with sick ideas, fuelling terrorism through network of imams and mosks worldwide. Ugly Marsians polluting the World with their mad Wahhabi ideology sprouting from dark corners of their holly book (for instance chapters regulating the possession of slaves). Maybe the World will benefit from Corona and low oil prices in a way. Maybe. Maybe the West will get rid of addiction to oil, like old junkie getting rid of dope in a detox. If there is justice in the World and in heavens. Maybe the World will, after all, become at least cleaner place

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