The latest announcement by Ben Bernanke, chairman of the US Federal Reserve, about plans to reduce stimulation of the US economy won't significantly affect oil prices, Russia Deputy Economic Development Minister Andrei Klepach has stated, according to media reports. Oil prices will only be affected if the US economy slows down significantly, a scenario that he thinks is unlikely, Klepach stated in a forum. The ministry estimated the average oil price for 2013 at $105 per barrel. The minister said the government would have the final word on the issue of increasing oil supplies to China via the Eastern Siberia-Pacific Ocean pipeline. The agreement foresees the supply of an additional 800,000 tons of oil to China in 2013 and two million tons the next year.
Source by Commodity Insights
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