Oil should rise to $70-80/bbl in 2010: Russian minister

Oil prices of around $50 a barrel are not high enough to ensure exploration and production but crude prices should rise to $70-80 within 12-18 months, Russian Energy Minister Sergei Shmatko said on Saturday.

“We are interested in a fair price … The current oil prices does not ensure sufficient funds for continuous oil production, extraction or the implementation of new technologies,” he said, when asked by Reuters what price the world’s second largest oil producer needed to get for its crude.
Reuters