MOSCOW, February 10 – RIA Novosti. The oil price reaching the $ 100 per barrel mark in the near future is a fantasy, while the $ 60 price is also comfortable for the Russian budget, which is likely to remain until the end of the year, said Gennady Shmal, President of the Union of Oil and Gas Producers of Russia.
On Tuesday, the price of Brent crude oil rose above $ 61 per barrel for the first time since January 24, 2020. “I think that in the near future it is a fantasy, my opinion is that a comfortable price is $ 80,” he said during a press conference “The Situation in the Oil and Gas Sector of the Economy: Problems and Prospects”, answering the question of whether the oil price can reach $ 100 per barrel by the summer season.
He explained that the comfortable price for shale oil production for US companies is about $ 45 per barrel, and when the price surpasses the $ 60 mark, additional oil is thrown into the market, which causes the price to fall.
According to the expert, the current price of $ 60 suits both the budget of the Russian Federation and domestic and foreign oil companies. Shmal also noted that such a price level could hold out until the end of the year, depending on the world rates of economic development. “The price of $ 60 per barrel is quite acceptable today, and it can persist for a long time, at least until the end of the year, but it will be depend on the development of the world economy, and above all, the economy of China, “he said.