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Novak predicted increase in oil prices to 50 dollars

Новак предсказал подорожание нефти до 50 долларов

By the end of the year the price of oil will be in the range from 40 to 50 dollars per barrel. This opinion is shared by Russian energy Minister Alexander Novak, reports on Monday, March 14, RIA Novosti.

“I think we will have price in range from 40 to 50 dollars, this interval” — leads the Agency of his word.

The Minister noted that Iran’s stance on the freezing of hydrocarbon production is “quite reasonable”. “We agree that Iran is in a special situation, because the sanctions imposed substantially reduced the volumes of extraction in Iran to date,” said Novak.

The head of the Ministry of energy is currently on a visit in Tehran. At a meeting with his Iranian counterpart Bijan Zanganeh, he discussed the prospects of participation of Iran in the agreement about freezing of oil production.

14 March Brent crude is trading around USD 39,24 dollars per barrel (at 19:10 MSK).

Earlier, on March 13, Zanganeh said that the Islamic Republic will join the agreement after increasing its own production. “Let us leave alone until then, until we will reach the milestone of four million barrels per day. After that, we joined them”, — said the official.

February 16, Russia and several OPEC members (Saudi Arabia, Qatar, and Venezuela) agreed to freeze oil production in order to support the quotation, subsided for a year and a half by 70 percent. Also about the intention to join the agreement said Iraq and Kuwait, and on 20 February, is now Nigeria. Russian energy Minister Alexander Novak said that over 15 countries have publicly confirmed readiness to freeze oil production at the level of January 2016.

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