Russia: Oil prices will range from $ 50 to $ 60 in 2018
09:50 - 22/12/2017
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Russian Energy Minister Alexander Novak predicted that global demand for oil would slow in 2018 and prices would range from $ 50 to $ 60.
The growth of world demand for oil will slow to 1.3-1.5 million bpd in 2018 from 1.8 million bpd in 2017, the Russian energy minister said.
Novak added that next year is expected to see a return to the balance of oil markets, adding that there is an option to extend the agreement to reduce oil production after 2018 in the event of a lack of balance in the market.
Brent crude prices will range from $ 50 to $ 60 a barrel in 2018, the Russian Energy Minister said.
Novak said there was consensus on how to address the exit from the Global Oil Production Reduction Agreement, but talks on that issue would only begin when markets are near equilibrium.
"Our main task is the balance of the market and a sustainable balance between demand and supply.We aim to reach this result, this may be achieved if things go well ... during 2018. "