"The price of oil at $ 100 is unlikely to return when it is already history," Russian Finance Minister Anton Siluanov confirmed in the same year. In 2017, the economist Sergei Guriev, then EBRD chief economist, stated that a return to $ 100 is unrealistic even in the face of severe geopolitical shocks.
"In the long term, we expect oil prices to fall, as more and more countries will switch to renewable energy sources and more and more innovative new technologies will be in the US energy sector," said Guriev.
According to Novak, the drop in oil supplies to the world market due to a drop in production in Venezuela or Iran will not be able to significantly increase prices, as it will be offset by an increase in production in the United States and other countries.
At the same time, Novak noted that the joint actions of Russia and the OPEC countries, which agreed to reduce oil production, have helped to keep oil prices at a level that stimulates investment in the development of new fields. In the future, according to the minister, in Russia it is necessary to reform the taxation of the oil industry, because otherwise, after a few years, Russian companies will not be able to maintain the current level of production.