$55-60 Per Barrel Is Equilibrium Oil Price After Market Recovery - Russian Energy Ministry

VLADIVOSTOK (UrduPoint News / Sputnik - 03rd September, 2021) The Russian Energy Ministry believes that the equilibrium oil price after the full market recovery following the economic crisis caused by the COVID-19 pandemic will stand at $55-60 per barrel, Deputy Energy Minister Pavel Sorokin said.

"If there are no shocks, we believe that the equilibrium [oil] price will stand between $55 and $60 [per barrel]," Sorokin told the Izvestiya newspaper on the sidelines of the Eastern Economic Forum in the Russian city of Vladivostok.

The sixth edition of the EEF, taking place from September 2-4 at the campus of the Far Eastern Federal University in Vladivostok, is aimed at developing business ties and attracting national and international investors to Russia's Far East.

The Sputnik news agency is a general media partner of the forum.