• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 12 hours Iran Vows Major War Even If US Conducts "Limited Strikes"
  • 10 hours Europe: The Cracks Are Beginning To Show
  • 11 hours Memorize date 05/15/2018 cause Huawei ban is the most important single event in world history after 9/11/2001.
  • 50 mins Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 11 mins Hong Kong protesters appeal to Trump for support.
  • 1 hour Millennials: A boil on the butt of the work ethic
  • 32 mins A little something for all you Offshore swabbies
  • 7 hours Ban Fracking? What in the World Are Democrats Thinking?
  • 11 hours LA Times: Vote Trump out in 2020 to Prevent Climate Apocalypse
  • 9 hours When Trying To Be Objective About Ethanol, Don't Include Big Oil Lies To Balance The Argument
  • 2 hours Saudi State-of-Art Defense System looking the wrong way. MBS must fire Defense Minister. Oh, MBS is Defense Minister. Forget about it.
  • 2 hours Shale profitability
  • 10 hours US and China are already in a full economic war and this battle for global hegemony is a little bit frightening
  • 20 hours Yawn... Parliament Poised to Force Brexit Delay Until Jan. 31
  • 7 hours Let's shut down dissent like The Conversation in Australia
Home Energy Storage Capacity Breaks Records In US

Home Energy Storage Capacity Breaks Records In US

As costs for battery storage…

Natural Gas Could Be Replaced Within 15 Years

Natural Gas Could Be Replaced Within 15 Years

Natural gas fired power plants…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Russia Keeps 2018 Brent Outlook In The $50-$60 Range

Gazprom neft

Russian Minister Alexander Novak does not plan to change his 2018 barrel price outlook currently at the $50 to $60 level, according to a new report by TASS.

"My outlook is unchanged, my estimations for average [oil] price for 2018 have always been between $50 and $60 [per barrel]," Novak said. April 2018 deliveries for Brent oil futures currently cost $62.34 a barrel, but the minister’s range refers to the yearly average.

Since the start of the OPEC-Russia production cut deal, Russia’s oil companies and government have received the equivalent of around $41.5 billion more in proceeds, thanks to the higher oil prices, Novak said on Tuesday.

Russia is cutting 300,000 bpd as part of the pact with OPEC, and although there have been voices and speculation that some Russian companies are unhappy with the agreement that hampers their production expansion plans, Moscow has been keeping its end of the deal so far.

“Let me say once again, our task is not to mechanically raise prices,” Novak said in an interview with TASS last year, continuing: “We are to keep the market in balance. Prices are a derivative. In the autumn of 2016, oil was trading at $27 per barrel, but it may well have slumped to $15. This is not exactly what one would call a fair price, though. Oil market profiteers deliberately went bearish and opened many short positions. Far more than usual, as their aim was to push prices down as low as possible with the goal of eventually skimming off the cream.”

U.S. production is beating previous growth expectations, while minister Novak said in an interview with Russian news agency Interfax published on Monday that the goal of the OPEC-Russia deal in bringing the oil market back to balance had been two-thirds achieved.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play