Russia Speaks Out Against High Oil Prices As Brent Nears $100

The optimal oil price for the market is $55-$70 per barrel, Russian Energy Minister Nikolai Shulginov told Energy Intelligence in an interview published on Tuesday after oil prices hit a fresh seven-year high and Brent hit $99 a barrel early in the day amid an escalation in the Russia-Ukraine crisis. High oil prices are good for Russia’s budget and for its hard-to-recover oil resources and projects, on the one hand, but oil so high is also hitting other sectors of the economy and slows demand growth, on the other hand, the Russian minister…