The current growth of oil prices is not going to last long: the period of low oil prices will last a rather long time, said Russian Energy Minister Alexander Novak.
“It seems to me that the period of low prices will last a rather long time. If by the end of the year the average annual price will be about $60.00-70.00, this will be very good for the oil and gas industry. Now the price varies and this does not mean it will stay at this level,” Novak said.
He also added that several new projects in the oil industry could be postponed till later.
“We can only suppose that this will be mainly applied to the new projects, the term of implementation of which could be postponed,” Minister explained.
Russian Energy Ministry jointly with Rosneft determined the company’s projects claiming for funding from the National Welfare Fund in the priority order, said Novak and added that the company has requested funds from the Fund for 28 projects.
