Russia’s Energy Ministry has no plans to change its outlook for 2018 average annual oil price, which is currently at $50-60 per barrel, despite its high level now, the Minister Alexander Novak said Tuesday, TASS reported.
"My outlook is unchanged, my estimations for average [oil] price for 2018 have always been between $50 and $60 [per barrel]," he said.
The price of Brent oil futures with delivery in April 2018 currently stands at $62.34 per barrel on the London’s ICE Futures.
Previously, Russia’s Economic Development Minister Maksim Oreshkin said that the current upsurge in the oil price to $70 per barrel is unsustainable and would not last long, adding that oil prices are unlikely to exceed $60 per barrel over the mid-term.