{"id":5638,"date":"2023-05-25T13:17:34","date_gmt":"2023-05-25T13:17:34","guid":{"rendered":"http:\/\/roydadnaft.ir\/English\/?p=5638"},"modified":"2023-05-25T13:23:03","modified_gmt":"2023-05-25T13:23:03","slug":"russias-deputy-prime-minister-sees-brent-oil-price-above-80-at-year-end","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/5638\/","title":{"rendered":"Russia\u2019s Deputy Prime Minister Sees Brent Oil Price Above $80 At Year-End"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>In an interview with Izvestiya, Russia\u2019s Deputy Prime Minister said he expects Brent to be slightly higher than $80 per barrel at the end of the year.<\/p>\n\n\n\n<p>Early on Thursday morning, Brent was trading at $77.21, nearly 1.5% down from the day before.<\/p>\n\n\n\n<p>Novak\u2019s comments came ahead of the next OPEC+ meeting on June 4th, with some analysts already expecting the group to cut.<\/p>\n\n\n\n<p>Brent Crude prices are set to be slightly higher than $80 per barrel at the end of this year, thanks to rising demand in the summer and production reductions from OPEC+, Russian Deputy Prime Minister Alexander Novak told Izvestiya in an\u00a0interview\u00a0published on Thursday.\u00a0<\/p>\n\n\n\n<p>Early on Thursday,\u00a0Brent\u00a0was trading at $77.21, down by 1.47% on the day.<\/p>\n\n\n\n<p>According to Novak, Russia\u2019s task is not inflating oil prices but balancing the market.<\/p>\n\n\n\n<p>Russia warned in February that it would cut its crude oil production by 500,000 bpd due to EU import bans and price caps on its crude oil and oil products. Those 500,000 bpd cuts will extend until the end of 2023.<\/p>\n\n\n\n<p>But last week, the International Energy Agency (IEA) said that Russia had\u00a0failed so far\u00a0to cut its oil production by 500,000 bpd as promised, and it may even be looking to boost output to compensate for lost revenues.<\/p>\n\n\n\n<p>Asked by Izvestiya about his outlook on oil prices at the end of this year, Novak said he believes the price would be slightly higher than $80 a barrel.<\/p>\n\n\n\n<p>\u201cI hope that the demand will rise in the summer,\u201d Novak said, adding that the ongoing production cuts in many oil producers should also tighten the market. &nbsp;<\/p>\n\n\n\n<p>\u201cI\u2019ll repeat once again: we do not have the task of boosting prices, our task is to balance the market in the interest of both producers and consumers,\u201d Novak said, reiterating the official narrative of the OPEC+ alliance, of which Russia is part.<\/p>\n\n\n\n<p>Several OPEC+ producers, including Russia, surprised the market in early April, saying they would keep another 1.6 million bpd off the market for the rest of the year.<\/p>\n\n\n\n<p>Earlier this week, Saudi Arabia\u2019s Energy Minister, Prince Abdulaziz bin Salman,\u00a0warned traders\u2014again\u2014against shorting oil futures, less than two weeks before the OPEC+ meeting on June 4.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2023-05-25T13:23:03+00:00\"> 25 May 2023<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"In an interview with Izvestiya, Russia\u2019s Deputy Prime Minister said he expects Brent to be slightly higher than $80 per barrel at the end of the year. Early on Thursday morning, Brent was trading at $77.21, nearly 1.5% down from the day before. Novak\u2019s comments came ahead of the next OPEC+ meeting on June 4th, [&hellip;]","protected":false},"author":1,"featured_media":5639,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16,35],"tags":[],"services":[],"class_list":["post-5638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-oil","category-topnews"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/5638","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/comments?post=5638"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/5638\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/5639"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=5638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=5638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=5638"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=5638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}