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News // Markets & Stocks

Russia cites trade wars as a negative factor for oil prices

03 August 2018 , 16:08Daniel J. GraeberNeftegaz.RU524

Moscow, August 3 - Neftegaz.RU. A report from the Russian Ministry of Energy attributed a recent slump in the price of crude oil to growing concerns about the impact of global trade disputes.


An all-out trade war between the world's 2 leading economies, China nad U.S., could undermine global economic growth. A report from the Russian Ministry of Energy said that concern is behind a recent drop in the price of oil.


«Concerns of market participants in respect of global growth prospects in the environment of unveiled trade wars become one more factor for dropping prices of oil and other commodities,» portions of the report published in Tass read.


Igor Sechin, CEO of Rosneft, said in late July that his company's budget is based on $63 per barrel. From his perspective, crude oil prices would max out for the year at around $80 per barrel.


The price for Brent crude oil, the global benchmark, hit its high mark for the year so far on May 22 when it closed at $80.42 per barrel on concerns that U.S. sanctions would erase Iranian oil from the market.


Russian Energy Minister Alexander Novak said the market has probably taken into account the potential loss of Iranian oil by November already, however.


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