Russia Ups Oil Price Forecast For 2018

2 Dec 2017   Prices, Russia

Russia’s Economy Ministry will increase its forecast for the price of the country’s Urals oil blend for 2018, following the extension of the OPEC/non-OPEC production cut agreement extension, announced yesterday in Vienna. Economy Minister Maxim Oreshkin said the new price level the ministry will work with will be above US$50. Previously, it was US$43.80 a barrel. Oreshkin recently warned the production cut agreement was harmful for the Russian economy as it discouraged oil companies from making new investments. Yesterday, OPEC and its partners from the Vienna Club, which last year agreed to reduce crude oil production by a combined 1.8 million bpd to relieve the global supply glut and improve prices, extended the cuts until the end of next year, with a review of the latest deal planned for June 2018. The decision was expected, despite some last-minute worry that Russia might be reluctant to sign up for a […]

Comments are closed.