UPDATE - $150 Per Barrel Of Oil Possible, Hard To Provide Accurate Forecast - Russian Minister

MOSCOW (UrduPoint News / Sputnik - 13th April, 2022) Oil prices up to $150 per barrel are possible, but it is difficult to predict developments in the current geopolitical and economic situation, Russian Energy Minister Nikolai Shulginov said.

"The cost of oil in the range of 80-150 Dollars per barrel is in principle possible, but our task is not to guess how much oil will cost, but to ensure the functioning of the oil industry," Shulginov said in an interview with the Izvestiya newspaper, commenting on the issue of oil prices should Europe refuse to import petroleum from Russia.

"We are ready to sell oil and oil products to friendly countries in any price range," he said.

The minister said that in the current uncertainty it is difficult to engage in forecasting, especially given the unconstructive behavior of Western politicians in relation to this situation.

"I think all international companies that deal with forecasts will generally be revising them, because they were made on the basis of other prerequisites.

Nobody has previously taken into account the change in the geopolitical and economic situation," Shulginov said.

Oil prices are currently at the level of $100-105 per barrel; the maximum price of Brent rose to $139 per barrel on March 7 amid geopolitical risks.

Western countries, in response to Russia's special operation to demilitarize Ukraine, have imposed anti-Russian sanctions, including the EU's refusal to import Russian coal from August 2022. Oil and gas imports from Russia are not yet affected by EU restrictions, but European politicians sometimes make such calls.

The United States has already imposed an embargo on Russian energy supplies, with the exception of uranium. Russia says it will be able to redirect its supplies to alternative markets, for example, to Asia.