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Oil prices may drop to $40-45/b, says Bank of Russia

Oil&Gas Materials 13 April 2017 17:28 (UTC +04:00)
Oil prices may drop to $40-45 per barrel in short and medium terms.
Oil prices may drop to $40-45/b, says Bank of Russia

Baku, Azerbaijan, Apr. 13

By Leman Zeynalova – Trend:

Oil prices may drop to $40-45 per barrel in short and medium terms, said First Deputy Chairman of the Bank of Russia Ksenia Yudaeva.

“As a result of the coordinated activities of OPEC and other oil producers, the oil market has become more balanced and oil prices have grown,” RIA Novosti quoted Yudaeva as saying Apr. 13.

However, she pointed out, oil prices were fixed in a considerably wide corridor.

Considering the long-term trends, this brings more stability to the market, Yudaeva added.

Russia is among 11 non-OPEC countries participating in the oil output cut deal with OPEC. The country agreed under the OPEC deal signed in Vienna in December 2016 to slash the output by a total of 1.2 million barrels per day from Jan. 1, 2017.

Earlier, Russia’s Energy Minister Alexander Novak said his ministry will soon start consultations with the country’s oil companies on extending the participation in the OPEC deal. The decision on extending OPEC’s oil output cut deal depends on developments in the oil market in April and forecasts for May and June, he added.

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