The volatility of prices for Brent oil will continue next year, most likely the quotes will fluctuate around the current values, but local surges are possible due to deficits created by non-market measures, Russian Deputy Prime Minister Alexander Novak believes. “I think the price of about $80 per barrel reflects the real situation,” Novak said in an interview with “Rossiya 24”.

“Recently, the price was $100/bbl., it dropped to $70 per bbl., that is, there is such volatility. I think prices will probably fluctuate within this range next year,” the Deputy Prime Minister said.

At the same time, he noted that non-market regulation measures could have an impact on pricing. “We don’t know those “black swans” that can affect this. Those actions of Europeans that are populist in nature, including interference in market instruments, all this can interfere with market pricing, there will be some surges are possible. Due to individual shortages in the markets,” the Deputy Prime Minister added, recalling the entry into force of the embargo on Russian oil products from February 5.

“This is a very uncertain moment in terms of what Europe will replace Russian oil products with. We will sell our oil products all over the world, but Europe will have to work hard to find and cover its own deficit. At the same time, it is possible that prices can significantly soar for petroleum products on the European market,” Novak said

Source: Turan News Agency