BRIC.TV Logo
Home/MARKETS/RUSSIA_CIS/Article
MARKETS

Oil price of $80 per barrel satisfies consumers and producers, says Novak

Alexander Novak, Russia's Deputy Prime Minister, expressed that an oil price range of $75 to $85 per barrel would be advantageous for both consumers and producers. He made these comments at St. Petersburg International Economic Forum on June 5. Novak's statements underscore ongoing efforts aimed at stabilizing volatile oil prices, crucial for maintaining economic stability in energy sector.

BRIC Team
BRIC Team
Jun 5, 2026 · 1 min read · 2 views
Oil price of $80 per barrel satisfies consumers and producers, says Novak

Key Takeaways

  • •Alexander Novak stated that an oil price between $75 and $85 per barrel is ideal for both consumers and producers.
  • •The 29th St. Petersburg International Economic Forum took place from June 3 to June 6, 2023.
  • •Novak emphasized that the Brent price should be around $80 per barrel, with a $5 margin in either direction.
  • •The Roscongress Foundation organized the forum to promote dialogue among leaders across various sectors.
  • •Stabilizing oil prices is crucial for economic stability in the energy sector, reflecting broader global economic concerns.

Alexander Novak,Russia's Deputy Prime Minister,said oil priced between $75-$85 per barrel hits sweet spot for both consumers,producers. At St. Petersburg International Economic Forum June 5,Novak emphasized this range keeps consumers satisfied,while letting producers invest.

"We've always said this is about right level,if we're talking Brent price,around $80 [per barrel]. Plus or minus $5," he noted . This range could balance global oil market.

The 29th St. Petersburg International Economic Forum,held June 3-6,focuses on crafting new model for global economic growth as world economy shifts. Organized by Roscongress Foundation,it aims for dialogue among leaders from many sectors.

Novak's comments touch on the tricky task of stabilizing oil prices,which have been all over map lately. But can markets find price everyone can live with…

#Business & Economy#Oil & gas industry#SPIEF-2026

Share this article

Related Articles

Congress questions ED and CBI for inaction on Rajesh Exports' alleged financial irregularities

Congress questions ED and CBI for inaction on Rajesh Exports' alleged financial irregularities

Congress party, under Pawan Khera's leadership, has expressed concerns about Enforcement Directorate's lack of action on alleged financial misconduct at Rajesh Exports, which posted revenues around ₹15.15 lakh crore. Consequently, Rajesh Exports’ shares have dropped for two straight days, reaching the 5% lower circuit limit due to worries over government regulatory shortcomings.

BRIC Team

Jun 5, 20260
Dow Jones climbs 1.73% to record high as S&P 500 rises 0.41%

Dow Jones climbs 1.73% to record high as S&P 500 rises 0.41%

On Thursday, Dow Jones Industrial Average jumped 1.73%, reaching a record closing high, driven by optimism about possible resolutions to conflict in Iran. This upbeat momentum gained additional support when U.S. House of Representatives approved a measure aimed at restricting President Donald Trump's military actions in the area.

BRIC Team

Jun 5, 20260
EAEU integration helps member states withstand external shocks, says Russian deputy PM

EAEU integration helps member states withstand external shocks, says Russian deputy PM

During St. Petersburg International Economic Forum, Russian Deputy Prime Minister Alexey Overchuk emphasized importance of integration within Eurasian Economic Union to tackle challenges arising from Middle East crisis. He cautioned that UNCTAD forecasts indicate a slowdown in global trade by 2026, driven by geopolitical tensions and tariff wars.

BRIC Team

Jun 5, 2026•2 views
US economy adds 172,000 jobs in May as hospitality sector hires for World Cup

US economy adds 172,000 jobs in May as hospitality sector hires for World Cup

In May, U.S. economy saw an addition of 172,000 jobs, driven largely by hospitality sector, which accounted for 70,000 of those positions as businesses geared up for World Cup. However, despite this job growth, unemployment rate remained unchanged at 4.3%, sparking worries about consumer spending due to high costs linked to tournament.

BRIC Team

Jun 5, 2026•1 views
Iran's inflation reaches highest level since World War II, impacting food prices

Iran's inflation reaches highest level since World War II, impacting food prices

Inflation in Iran has hit a staggering 77.2 percent, marking the highest rate in 80 years, as reported by Central Bank of Iran. With prices for basic goods skyrocketing, many residents are feeling the pinch. Take 63-year-old Mashhadi Firouz, for instance; he now faces rice prices that have surged from 1.8 million rials to more than 5 million rials.

BRIC Team

Jun 5, 2026•2 views
India and U.S. set to execute first phase of trade pact by mid-July 2026

India and U.S. set to execute first phase of trade pact by mid-July 2026

India's Minister of Commerce and Industry, Piyush Goyal, revealed that U.S. and India are on track to finalize the first phase of their interim trade agreement by mid-July. This deal is designed to strengthen trade relations, featuring a reduction in U.S. tariffs on Indian goods from 50% to 18%, which will boost India's competitive position.

BRIC Team

Jun 5, 2026•2 views
View All Articles