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Russia to receive additional RUB 1.5 trillion if oil prices stand at USD 50-USD 60

Russian Energy Minister Mr Alexander Novak told the RT broadcaster in an interview that Russia’s budget in 2017 may receive additional revenues of some 1.5 trillion rubles ($25.9 billion at the current exchange rates) if global oil prices stand at the range of $50-$60 per barrel.

Mr Novak said that “We have estimated that if [oil] prices stand at the level, which is within the range of $50-$60 per barrel, the added value for the budget could be around 1.5 trillion rubles in a year.”

According to the official, such issues as the market situation, volatility and the ruble-dollar rate were among the factors affecting the oil prices.

Mr Novak said that he expected the price of Brent crude oil to average $50-60 per barrel in 2017.

In November 2016, the Organization of the Petroleum Exporting Countries (OPEC) member states reached an accord to cut their oil production for a six-month period to support the prices and the budgets of the oil-producing countries. In December, 11 non-OPEC countries joined the deal.

Russia May Ramp Up Oil Extraction in Arctic if Oil Prices Grow
Mr Novak said that Russia intends to increase its oil extraction and exploration on the Arctic shelf if the oil prices on the international market grow.

He said that “Under the better environment we will definitely consider… a much more active exploration, drilling, commissioning of deposits. The Arctic is a future of our oil and gas production.”

He added that the Arctic shelf is a huge hydrocarbon reserve that possesses billions of tons of oil and tens of trillion cubic meters of gas.

He further added that “Considering the current situation of global hydrocarbon prices’ reduction, the activity [in oil extraction] that we saw several years ago, before 2014, now is reduced. However, we have discovered 19 hydrocarbon fields there.”

Source : SPUTNIK

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