On Wednesday, Russian Deputy Prime Minister Alexander Novak said in an interview with local television that due to OPEC+ production cuts,The average for Brent next year is expected to be in the range of $80-$85 per barrel。Related**Based on estimates by a number of analysts, as is Russia's national socio-economic development outlook.
However, Novak pointed out that OPEC+ did not deliberately set oil prices at a certain level. "Our task is to balance supply and demand and keep the industry running smoothly. ”
Novak also saidRussia is a responsible participant in the agreement on production cuts, and the Russian side has fulfilled its obligations. At the end of last month, OPEC+ reached an agreement on expanding oil production cuts, and Russia will step up voluntary oil export cuts of 500,000 barrels per day in the first quarter of next year.
After the outbreak of the Russia-Ukraine conflict, Russia's overseas export business has changed dramatically. Novak revealed that Russia's exports to Europe this year are expected to account for no more than 5% of total overseas exports, compared with 45% in previous years. Filling the gap in the European market that Novak says is India, whose share has soared to about 40 percent from almost zero two years ago.
In the past few days, affected by the tension in the Red Sea, oil prices have appeared significantly. However, on Wednesday, safe-haven assets rose sharply, and funds withdrew from varieties that are highly correlated with economic fundamentals. WTI closed down 1$46, down 193% to 74$11 barrel. Brent closed down 1 in February$42, down 175% to 79$65 barrel.
According to some analysts, Russian oil passing through the Black Sea region may be affected by the situation in the Red Sea and change course.
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