MOSCOW: The current decline in world oil prices is caused by media reports about prerequisites for a peaceful settlement in the Middle East, Russian Deputy Prime Minister Alexander Novak said on Friday, reported Sputnik.
World oil prices plummeted on Thursday. The price of December futures for Brent crude oil finished the trading session decreasing by 2.5 per cent to US$71.09 per barrel.
“No one can predict prices ... It is influenced by various factors, including all sorts of rumours. Yesterday’s decline, I think, was due to the news that some prerequisites for a peaceful settlement in the Middle East were voiced there. Therefore, prices react to these things,“ Novak told reporters on the sidelines of the Russian Energy Week international forum.
Russia’s liquefied natural gas (LNG) exports will total approximately 35 million tonnes by the end of 2024, added Novak.
“There are estimates, [Russia’s LNG exports will amount to] approximately 35 million tonnes,“ Novak told reporters on the sidelines of the Russian Energy Week international forum.
Last year, LNG exports amounted to 33 million tonnes, so the figure will grow by about 6 per cent in 2024.
Meanwhile, oil and condensate production in Russia by the end of the year is expected at the level of 515 million tonnes to 521 million tonnes, he added.
“There are estimates from 515 million tonnes to 521 million tonnes,“ Novak told reporters on the sidelines when asked about oil and condensate production forecast.
The reduction in oil and condensate production could be between 1.7 per cent and 2.8 per cent compared to last year.
- Bernama, Sputnik
