The oil price may reach $120 per barrel at the end of the first half of 2022. This cost was predicted by Karimov, Vice President for Commerce and Logistics of Rosneft.

“In the long term, we feel comfortable,” Karimov said at the International Forum. As of this writing, Brent crude is trading at $82.04 a barrel (up 0.80 percent from its closing price on November 15). Conversely, WTI crude oil has dropped in price by 0.18 percent to $79.61 per barrel, according to the Moscow Exchange.