Russian Energy Minister Alexander Novak said on Tuesday that current high oil prices of between $70 and $80 per barrel were temporary and were mainly driven by sanctions, adding that the long-term price would stand at around $50 per barrel. Speaking at a meeting of government officials and the heads of domestic oil majors, convened to discuss ways of propping up domestic oil production, he said the $50 per barrel forecast was based on estimates by analysts and oil companies. “The current situation, related to the price rise to $70-$80 (per barrel), is mainly… connected to the premium in the price linked to the possible risks of sanctions and lower supply,” Novak said. He didn’t specify which sanctions he was […]