Russian Energy Minister Sees Short-Term Oil Prices Slump

Global oil prices may slide further in the short-term, but will maintain the $40-$50 per barrel mark throughout the year, Russian Energy Minister Alexander Novak told reporters on Sunday.

MOSCOW (Sputnik) – He echoed the ministry’s previous projection that oil prices would stay within the $40-$50 per barrel range this year, then grow to $60-$65 per barrel in 2017.

"I do not rule out a short-term bounce-back, but the trend is slightly higher overall. Why do I not rule out a rebound? Because there are factors that have dramatically affected [oil prices], including emergencies in some countries," Novak said.

Oil prices have plunged more than 60 percent from their peak of over $110 a barrel in June 2014 due to global oil production outpacing global demand.