Russian Deputy Prime Minister Alexander Novak believes that the range of oil prices in 2021 will be $45-60 per barrel

According to him, the quotes have stabilized and the current prices are in line with the market situation.

Last week, the price of Brent crude rose to $62 per barrel for the first time since January 24, 2020.

“For the last few months we have been observing low volatility, which means that the market is balanced and the prices that we see in the market today, they certainly correspond to the market situation. I think that the average price in 2021 will be in the range of about $45 to $60”, – said Mr. Novak on the air of the Russia 1 TV channel (quoted by TASS).

According to the Deputy Prime Minister, the oil market has noticeably recovered, but not yet completely. “We have seen a drop of about 20-25% in demand as a result of restrictive measures taken by the governments of many countries to prevent the proliferation of COVID-19. By the end of the year, the market recovered and its decline was about 8-9%”, – said Mr. Novak.

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