Russia’s Novak: Oil-price increase to $70-80/bbl is temporary, sanctions-driven
|Following the statement from Saudi Arabia, the Russian Energy Minister Alexander Novak was prompt to make comments on the oil-price forecasts.
Key Headlines:
Based on estimates by analysts and companies, oil price will be in the range of $50/bbl in long-term.
Increase to $70-80/bbl is temporary, sanctions-driven.
Russian oil production expected at 553 mln tonnes in 2018.
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