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

MOSCOW (UrduPoint News / Sputnik – thirteenth April, 2022) Oil costs as much as $150 per barrel are doable, however it’s troublesome to foretell developments within the present geopolitical and financial state of affairs, Russian Energy Minister Nikolai Shulginov stated.

“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 stated in an interview with the Izvestiya newspaper, commenting on the problem of oil costs ought to Europe refuse to import petroleum from Russia.

“We are ready to sell oil and oil products to friendly countries in any price range,” he stated.

The minister stated that within the present uncertainty it’s troublesome to interact in forecasting, particularly given the unconstructive habits of Western politicians in relation to this case.

“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 stated.

Oil costs are at the moment on the stage of $100-105 per barrel; the utmost worth of Brent rose to $139 per barrel on March 7 amid geopolitical dangers.

Western nations, in response to Russia’s particular operation to demilitarize Ukraine, have imposed anti-Russian sanctions, together with the EU’s refusal to import Russian coal from August 2022. Oil and fuel imports from Russia should not but affected by EU restrictions, however European politicians generally make such calls.

The United States has already imposed an embargo on Russian vitality provides, apart from uranium. Russia says it is going to be in a position to redirect its provides to different markets, for instance, to Asia.