Russian Energy Ministry sets “fair price” for a barrel of oil

Russia’s Energy Ministry has revealed its vision of a “fair price” for a barrel of oil, and it comes at a time when the oil market is under pressure due to the emerging Corona virus crisis.

The Department of Energy said the fair price per barrel is expected to range from $ 40 to $ 60, according to the TASS news agency on Friday.

A barrel of oil is now trading above the $ 50 level, and the “Brent” mix rose yesterday, approaching the $ 51 level, marking its highest level since last March.

Black gold prices have risen with optimism that the impending introduction of COVID-19 vaccines will lead to strong economic growth next year.

The oil markets have also received support from the recent “OPEC +” decision to implement a modest increase (500,000 barrels per day) in production, instead of increasing by 1.5 million barrels per day.

The group of “OPEC +” countries had recently agreed to implement a modest increase in production from next January of 500,000 barrels per day. This increase means that the group will reduce its production by 7.2 million barrels per day, against 7.7 million barrels per day currently.

Source: RT + TASS

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