VLADIVOSTOK (Sputnik) – Global oversupply and stagnating demand have caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016. Prices recovered amid Nigerian, Canadian and Venezuelan output outages and growing demand in May, reaching a peak of over $50 per barrel in early June. Crude prices are currently fluctuating between $40-50 per barrel.
On Friday, the Brent benchmark rallied almost 3 percent, reaching $46.70 per barrel in afternoon trading. WTI crude rallied 2.6 percent, reaching $44.28 per barrel.
"In 2017 we expect [oil production] no lower than that of 2016…perhaps even a small increase in production. It [prognosis] will be more accurate when we agree on the parameters of the forecast and budget for the next year. Moreover, it will depend on the end of the year, on the parameters of taxation, which will be finally adopted for 2017," Novak said at the Eastern Economic Forum (EEF).
