Novak on why oil price could fall to $30 per barrel

Russian Energy Minister Alexander Novak did not rule out that oil prices could fall to $30 per barrel due to overproduction, he said after the meeting of the Russian-Saudi intergovernmental commission on trade, economic and scientific and technical cooperation.

"This scenario is possible," Novak noted. "A lot depends on "the market situation in the second half of the year, on the balance of supply and demand, on how events will develop - with uncertainties, trade wars, sanctions pressure," TASS cited the minister as saying.

Earlier, First Deputy Prime Minister, Finance Minister Anton Siluanov said that oil prices could fall to $30 per barrel if OPEC+ countries do not agree to extend production restriction.