Russian oil major Rosneft expects that oil prices will to stay in a range of between $75 and $80 per barrel until the end of 2018, the company's CEO Igor Sechin said late Sunday.
According to the country鈥檚 news agency TASS, in an interview with Russia鈥檚 Rossiya-1 television channel, Sechin said, "our budget is based on an oil price of $63 per barrel. Today, we see a price of about $75. I think oil prices will stay within this range: from $75 to a maximum of $80 per barrel."
In May, prices for Brent crude exceeded $80 per barrel, reaching the highest level since November 2014.
However, excess supplies in the global market will suppress oil prices in the short term, according to experts.
Global oil supplies rose by 370 thousand barrels per day (kb/d) to 98.8 million barrels per day (mb/d) in June, according to the International Energy Agency's (IEA) latest oil market report.
The IEA said the growth was mainly due to higher Saudi Arabian output based on last month's OPEC agreement, rising by 430 kb/d to 10.46 mb/d.
Brent oil traded just above $73 at 08:42 GMT on Monday.
Meanwhile, Russia鈥檚 Ministry of Economic Development anticipates that oil prices will be gradually decline between 2018 and 2024, according to TASS.
By Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr