MOSCOW (Sputnik) – The global oil prices may come to equilibrium in the middle of 2017, Russian Energy Minister Alexander Novak said Thursday.
"Lowering investments is a fundamental factor, the prices could come to a fundamental equilibrium already in the middle of next year," Novak said as quoted by Russia's Energy Ministry on Twitter.
According to the minister, oversupply in the oil market stands at 1.5 million barrels per day.
Oil prices have plunged over the past two years from $115 per barrel in June 2014 to less than $30 per barrel in January 2016. The price drop has been attributed to slowed global economic growth, decreasing energy demand and major producers flooding the market with oil.
