• 5 minutes Oil prices forecast
  • 8 minutes Nuclear Power Can Be Green – But At A Price
  • 11 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 16 minutes Europe Slipping into Recession?
  • 9 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 4 hours Socialists want to exorcise the O&G demon by 2030
  • 1 hour Emissions from wear of brakes and tyres likely to be higher in supposedly clean vehicles, experts warn
  • 2 hours UK, Stay in EU, Says Tusk
  • 1 day Germany: Russia Can Save INF If It Stops Violating The Treaty
  • 1 day Connection Between Climate Rules And German's No-Limit Autobahns? Strange, But It Exists
  • 2 days Conspiracy - Theory versus Reality
  • 3 hours How Is Greenland Dealing With Climate Change?
  • 2 days Chevron to Boost Spend on Quick-Return Projects
  • 1 day Maritime Act of 2020 and pending carbon tax effects
  • 2 days U.S. Treasury Secretary Mnuchin Weighs Lifting Tariffs On China
  • 2 days Regular Gas dropped to $2.21 per gallon today
How Much Further Can Venezuela’s Oil Production Fall?

How Much Further Can Venezuela’s Oil Production Fall?

With the re-inauguration of Maduro,…

Russia’s Energy Minister: There Is Risk Of Oil Price Hitting $100

Novak

There is a risk that oil prices could hit $100 a barrel soon because a lot of uncertainties currently exist in a very nervous and emotional market, Russia’s Energy Minister Alexander Novak told Russian radio station Business FM in an interview on Thursday.

Novak doesn’t rule out that oil prices could reach $100 a barrel, but noted that this won’t be good for the global economy, producers and consumers alike. The current uncertainties in the oil market, especially about how many Iranian barrels will be lost to U.S. sanctions, will persist for at least another month until the market gets some clarity on the Iran sanctions, Novak noted. Due to those uncertainties, the market is currently very nervous and emotional, and traders and other market participants could continue to make decisions based on those uncertainties and push prices higher, he said.

Asked about whether Russia and Saudi Arabia would raise production to ease concerns about supply and cool oil prices, Novak said that Russia has already reversed all 300,000 bpd of the cuts it had pledged in the OPEC+ deal and added another 100,000-bpd production in September.

Russia increased its oil production in September to a post-Soviet record high of 11.36 million bpd.

Saudi Arabia also raised production in September, Novak told Business FM.

In an interview with Bloomberg Television, the Russian minister also said that oil prices are currently influenced by the uncertainty with Iran, as well as falling Venezuelan production.

“Current levels may be a little bit high,” Novak said, commenting on the current price of oil.

The price range of $65 to $75 a barrel seems to be an acceptable level for both consumers and producers, and at the same time, that range ensures enough cash flow to the oil sector to reinvest and develop sustainably, the Russian energy minister said.

By Tsvetana Paraskova 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