Russia will maintain the volume of energy exports even with new sanctions

MOSCOW, 17 Oct – PRIME. Russia will be able to maintain the volume of deliveries and the role of a strategic supplier of energy resources even with the introduction of new sanctions – it is impossible to balance world markets without Russia, said the Minister of Economic Development of the Russian Federation Maxim Reshetnikov.

“Russia will be able to maintain the volume of deliveries and the role of a strategic supplier even with the introduction of new sanctions. We account for 14% of world oil production, 11% of world exports, respectively, if necessary, exports will be reoriented to the eastern direction. In general, without Russia, to balance world markets impossible,” Reshetnikov said, speaking on Monday at a meeting of the State Duma’s budget committee.

He recalled that the socio-economic development forecast for the next three years included a gradual reduction in prices for Russian energy resources. However, as Reshetnikov emphasized, they will remain at an acceptable level, and the recent decision of OPEC + speaks in this favor.

According to the forecast of the ministry, the average price of Urals oil is expected to be $80 per barrel this year, $70.1 per barrel in 2023, $67.5 and $65 per barrel in 2024 and 2025.