Support The Moscow Times!

Gazprom's Oil Wing Says Fall in Oil Prices Temporary

Vehicles are seen at a gas filling station, owned by Gazprom.

Gazprom Neft, Russia's fourth biggest oil producer by output, said Friday that it did not see a fall in the oil price as a long-term trend, expecting it to return to the level of $95-110 per barrel.

Gazprom Neft, the oil wing of state gas company Gazprom, added that its investment projects envisage an oil price of $95 per barrel. Any drop is compensated for by a change in the ruble, the company said in e-mailed comments.

It added that its investment program for the next year is yet to be formed. Brent has lost more than 20 percent of its value since June and was dragged down earlier in the week by signals from key OPEC members that the group was unlikely to intervene. It is now trading at $85.93 per barrel.

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.