There is a risk that oil prices could drop to as low as $30 a barrel because OPEC and its Russia-led allies could produce more oil by the end of the year than market demand, Russia’s Energy Minister Alexander Novak said on Monday in comments suggesting that Russia could be on board with extending the cuts. Earlier, Russian Finance Minister Anton Siluanov said that the price of oil could drop to $30 a barrel if OPEC and its partners fail to agree on extending the production cuts that currently expire at the end of June. Asked to comment on Siluanov’s words, Novak told reporters in Russia today that such a scenario of a sharp drop in prices is not to be ruled out. Much will depend on the situation on the oil market in the second half of this year in the third quarter on trade wars, as well […]