Vekselberg says $30 per barrel is not enough for oil price

The chairman of the board of directors of Renova Group, Viktor Vekselberg, said that oil prices will rise above $40 per barrel in the medium term. He said he doesn't believe in oil prices below $30 per barrel.

"I do not believe in the price of $30 per barrel in the medium term, it is not enough," the businessman said in an interview with the Vedomosti newspaper.

According to him, "if there are no major changes in the technology markets affecting the supply-demand balance, then I think the oil price will be above $40," Vekselberg said.

However, he does not rule out fluctuations in oil prices due to "a big imbalance of supply and demand."

"We have new suppliers, our tankers and storage are overwhelmed. This is affecting the market and we will see large fluctuations," he explained.