The most difficult period for the Russian oil industry was in April
The Ministry of energy is optimistic about the chances of recovery in oil demand in the world, but does not exclude the impact of new foci of the pandemic.
In Russia, feel comfortable with oil prices at $50 a barrel, because too high prices may reduce the demand for energy. About it said Russian energy Minister Alexander Novak in an interview with Bloomberg TV, according to TASS on Wednesday, June 17.
“Too high prices, too bad, as it reduces energy demand, attracted into the industry ineffective investment creates a surplus and the formation of the next crisis. So we it is also necessary to take into account, – said Novak. – In the forward-looking indicators, we considered comfortable for us and the price through 2035, an average of $50 (per barrel – ed.)”.
According to Novak, his office is optimistic about the chances of recovery in oil demand in the world, but does not exclude the impact of new foci of pandemic coronavirus.
“It should be noted that relative to the difficult period in April observed, we have already recovered about half the demand within the air services, road transport, petrochemicals. We just have to look carefully at these and monitored, and correctly predict how it will recover the demand. But I’m optimistic about it,” he said.
We will remind, for four months 2020 Russia’s revenues from oil exports fell by 25% to just over $30 billion In physical exports of “black gold” for the reporting period decreased by 4% to 84.9 million tons.