Oil price expected between $70 and $100 per barrel in 2023, says Novak

The current price of Brent oil reflects the real situation on the oil market, Russian Deputy Prime Minister Alexander Novak said in an interview aired by the Rossiya-24 TV news channel on Friday, adding that next year it might total from $70 to $100 per barrel, with separate surges possible.

"I think that today’s price reflects the real situation. The price was $100 not long ago, diving to $70 [later], which means the volatility is between $70 to $100. I think that prices will hover in this range next year," he said.

Nevertheless, the oil price may surge occasionally due to local deficits, Novak added. "The actions of the Europeans that are populist in their nature, including meddling into market instruments, this all can surely hinder the market price formation. Some surges are possible due to particular local deficits on certain markets," he noted.