mo4ch:>Oil could still drop to $30 per barrel, Russian energy minister warns | Mo4ch News

There is a risk that oil prices could drop to as low as $30 a barrel because OPEC and its Russia-led allies could produce more oil by the end of the year than market demand, said Russia’s Energy Minister Alexander Novak.Earlier, Russian Finance Minister Anton Siluanov said that the price of oil could drop to $30 a barrel if OPEC and its partners fail to agree on extending the production cuts that currently expire at the end of June.Asked to comment on Siluanov’s words, Novak told reporters that such a scenario of a sharp drop in prices is not to be ruled out. Much will depend on the situation on the oil market in the second half of this year in the third quarter on trade wars, as well as on sanctions, Novak said.Also on rt.comRussia calls the shots in a fractured OPEC“Indeed, there are big risks of over-production. But on the whole ... we need to analyze deeper and look at how the events will develop in June in order to take a balanced decision at the joint OPEC+ meeting in July,” Reu…