Russia’s energy minister sees 2018 oil price in range of $45-$55/barrel

Russian Energy Minister Alexander Novak said he expected the 2018 price of Brent crude to be in the range of $45 to $55 per barrel.

Speaking to reporters, he also said China had asked Russia about the possibility of shipping around 3.5 million tonnes of oil via the Russian Pacific port of Kozmino next year, from volumes meant for the spur of the East Siberia-Pacific Ocean pipeline.

The East Siberia-Pacific Ocean oil pipeline splits into two in Russia, with the spur going directly to China while another branch continues to Kozmino, from where tankers ship oil to the Asia-Pacific, including China, Japan, South Korea and some other destinations.