“We expect a return to the range of $ 40-45 per barrel in the second half of the year, the range of $ 45-50 in the next year if there are no force majeure and no action is taken," Sorokin said.
On March 9, oil prices fell more than 30% after the OPEC + meeting, which culminated in Russia's withdrawal from the deal.
Later, Saudi Aramco announced plans to increase its oil production capacity by 1 million barrels per day. Such an instruction was received by the company from the Ministry of Energy. The deadline is not specified.
Russian Energy Minister Alexander Novak commented on this decision by Saudi Arabia.