Russian official news agencies quoted Energy Minister Nikolai Shulginov as saying today, Friday, that it is “realistic” for oil prices to reach about $80 a barrel.
He did not specify the type of oil but was likely referring to Brent crude.
Shulginov also said that Russia’s production of oil and gas condensate is expected to decline by about 20 million tons (400,000 barrels per day) this year, confirming his country’s expectations.
Oil prices varied this year, as data indicating an economic slowdown in China and the United States, the world’s largest energy consumers, overshadowed the reduction of production by the major oil producers in the “OPEC +” group.
Brent crude is trading above $70 a barrel after touching $80 in the second half of April, much lower than a peak of over $100 last year.
Russia’s production of oil and gas condensate together rose to 535 million tons (10.7 million barrels per day) in 2022. Condensate is excluded from the production quotas set by the “OPEC +” group for Russia.
Shulginov also said that Russia’s natural gas production fell short of official forecasts by up to 10%.