Russian Deputy PM Considers $50-70 Per Barrel Reasonable Oil Market Price

© Flickr / Pete MarkhamSunset over the oil rig
Sunset over the oil rig - Sputnik International
According Russia's deputy prime minister, with a price of $40 per barrel, there are risks of underinvestment in the energy sector and the reduction of oil supply to the market.

ST. PETERSBURG (Sputnik) — A reasonable oil market price should be in the range of $50-70 per barrel, Russian Deputy Prime Minister Arkady Dvorkovich said Thursday.

"More reasonable price range is between $50 and $70 per barrel, it would certainly have a positive impact on the world market," Dvorkovich told Rossiya-24 television in an interview.

According to the deputy prime minister, with a price of $40 per barrel, there are risks of underinvestment of the energy sector and the reduction of oil supply to the market.

Dvorkovich stressed that the current price decrease had already resulted in a drop in investment in oil production, as well as in the related industries.

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