Russian Ministry of Energy: Oil price will rise to 150 dollars in case of embargo

Russian Energy Minister Nikolai Shulginov said that oil prices could rise to $150 per barrel. He gave such an estimate in case of a ban on procurement from Russia. However, in an interview with the Izvestia newspaper, the head of the department said that it is not easy to make predictions in the current conditions.

The minister pointed out that the ministry’s task is not to predict how much oil will cost, but to ensure the functioning of the oil industry.

“We are ready to sell oil and oil products at any price range to friendly countries,” Shulginov said.

The US Department of Energy estimates that oil production in Russia by the end of 2023 will decrease by 1.7 million barrels per day compared to February 2022. In March, Russia’s oil production remained at 10.1 million barrels per day. World oil production must increase.

Previously, it was known that the Ministry of Economy. suggested Set electricity limits for cryptocurrency miners. At the same time, the parameters of the light-related boundaries have not yet been determined.

The Ministry also deems appropriate to let mining activities in regions with sustainable electricity production surplus.

Source: Gazeta


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