Russian deputy PM: Average oil price in 2021 will be $45-$60 per barrel

The average oil price in 2021 will range within $45-$60 per barrel, Russian Deputy Prime Minister Alexander Novak said, Report informs.

The current prices fully correspond to the situation on the market, he noted.

"Over the past few months, we have seen low volatility, which means that the market is balanced and the prices certainly correspond to the market situation. I think that the average price in 2021 will be about $45-$60," he said, adding that the energy market has already partially recovered, and the drop in oil demand in 2020 slowed down from 20-25 to 8-9 percent by the end of the year.

"The recovery has been partial, but not yet complete. For example, if we talk about oil, we saw a fall in demand by about 20-25 percent as a result of restrictive measures taken by the governments of most countries to prevent the spread of COVID. By the end of the year, the market recovered, and its decline was about 8-9 percent," he said.