Novak Forecasts $45-55 Oil

Russian Energy Minister Alexander Novak said on Wednesday he expected the 2018 price of Brent crude to be in the range of $45-55 per barrel. Speaking to reporters, Novak said China had asked Russia about the possibility of shipping around 3.5 million tons of oil via the Russian Pacific port of Kozmino next year, from volumes meant for the spur of the East Siberia-Pacific Ocean pipeline, Reuters reported. The East Siberia-Pacific Ocean oil pipeline splits into two in Russia, with the spur going directly to China while another branch continues to Kozmino from where tankers ship oil to the Asia-Pacific, including China, Japan, South Korea and some other destinations. Novak also said on Wednesday that Moscow would consider extending a deal with OPEC and other producers to cut oil production further into next year, if a supply glut persists. “If we see that market is imbalanced, we will consider extension,” Novak told reporters. “We will take such a decision, if an extension would be needed.”