“Fundamentally, oil is set to continue its moderate growth. Moreover, geo-economic tensions in the Middle East and market participants’ expectation of a reduction in oil supply on the market will contribute to the completion of the current downward correction in oil by the end of this week,” he believes.
The analyst added that at the end of March there were no reasons for a further decline in oil prices.
“A barrel of Brent, quite expectedly, will remain in the range of $84 - $87. This is a very comfortable price for the Russian budget, the ruble and the growth of capitalization of companies in the Russian oil and gas sector on the Moscow Exchange,” he clarified.
Earlier, the head of the Ministry of Energy Nikolai Shulginov said that Russia will maintain the volume of primary oil refining at the level of 2023.