Zubkov: low oil prices hurt exporters and consumers

Falling oil prices below $50 a barrel are abnormal and harmful not only for oil producers, but also for oil consumers, the chairman of the board of directors of Gazprom, Viktor Zubkov, said.

"The current low oil prices are harmful not only for oil producers, who are now in need, to support the investment cycle of the gas industry, but also for oil consumers, who are at risk of facing a gas shortage in the future and abnormally high prices," he said, speaking at the International Energy Forum in Riyadh. 

The price of gas is tied to a basket of oil products, which depends on oil prices, TASS reminds.