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.