If prices remain at their current level, another collapse could be around the corner, the Russian Finance Ministry has warned in a report, cited by Sputnik. According to the report, the long-term equilibrium price level for crude oil is currently around US$50-60 a barrel, but actual prices are substantially higher than that and “the current growth should be regarded as temporary […] If oil prices continue to remain above long-term equilibrium levels, the price collapse will repeat again.” The report attributed the price rise to the sharp decline in Venezuelan oil production and the U.S. sanctions against Iran that seek to reduce oil production in the country to zero. The authors, however, noted that the next price collapse could be avoided by boosting production in countries including the United States, Angola, Canada, and Brazil. While the Russian Finance Ministry worries about a price crash, others are warning about a […]