17 June 2004 21:41
Most likely oil price in 2005 $26 per barrel - Gref
MOSCOW. June 17 (Interfax) - The Russian government forecasts that in 2005 the most likely price for oil is about $26
per barrel, Economic Development and Trade Minister German Gref said at a government meeting on Thursday.
"According to conservative estimates, this figure may amount to $20.5," Gref said.
He said that according to estimates from five leading analytical companies, there is currently a high likelihood that
Saudi Arabia and new producers of oil will be able to increase production, and oil prices will return to the usual level
for the 1990s.
Gref said that the development of the world economy does not create restrictions for Russian fuel. While last year
oil exports amounted to 223.5 million tonnes, this year this figure is forecast to reach 250 million tonnes, in 2005 -
254 million tonnes and in 2007 - 266 million tonnes.
One important factor holding back growth in oil exports is the lack of infrastructure - the lack of pipeline capacity
to increase exports and to increase supplies to refineries.
"However, after three years this restriction will be lifted," he said.
As regards exports of Russian gas, the growth rate here is expected to be slower than for oil, Gref said.
He said that while gas exports this year will amount to 195 billion cubic meters, next year they will increase by
only 5 bcm to 200 bcm, and will amount to 250 bcm in 2007, including transit of gas from Turkmenistan. [RU EUROPE ASIA
EEU EMRG ENR CRU OIL ELG NGS TRD RESF] rd <>
[Interfax] |
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