Current Oil Price Range Beneficial For Russia - Energy Minister

Fakhir Rizvi Published December 08, 2018 | 12:10 AM

The current oil prices are most favorable for Russia in terms of budget revenues and balancing the situation on the domestic market, Russian Energy Minister Alexander Novak said Friday.

VIENNA (UrduPoint News / Sputnik - 07th December, 2018) The current oil prices are most favorable for Russia in terms of budget revenues and balancing the situation on the domestic market, Russian Energy Minister Alexander Novak said Friday.

"The current price, its preservation and lower volatility are most favorable for us, both in terms of budget revenues and balancing the situation in the domestic market," Novak told Rossiya 24 television.

The minister clarified that the oil price in the range of $55-65 per barrel is balanced for both producers and consumers.

"In my opinion, in the future, prices in the range of $55-65 could be balanced for both consumers and producers, and create conditions for the development of the industry without causing overproduction on the market, and at the same time ensuring that there is no shortage," Novak said.