“The price of oil below $ 25 per barrel is unpleasant and uncomfortable for us, but not critical. I consider the situation from the point of Russian interests and we have a margin of safety for reserve funds and an airbag, even though we are operating in conditions of a sagging economic environment under the pressure of the coronavirus epidemic, ”he said.
According to the expert, such a low oil price is not interesting “to anyone but consumers, but producers set the price on the market”.
He emphasized that none of the producers benefits from this, in fact, "sooner or later there will be a return to a compromise price that is above $ 25."
“I think it’s a matter of time and quite close when the price will return to $ 40 per barrel,” Belyaev concluded.
The price of May futures for North Sea Brent crude oil during trading on March 27 fell by 5.96% to $ 24.77 per barrel.