"Eventually, market will clear and prices should go up… I personally believe that $50 to $60 is more reasonable level for market but it will take probably two to three years to come back to those levels," Dvorkovich told Bloomberg TV in an interview on the sidelines of the Asian Financial Forum in Hong Kong.
Dvorkovich added that oil prices might rise to $40-50 per barrel in near future.
According to Dvorkovich, Russia is not planning to increase oil production in 2016, and the government will focus on budget cuts instead.
Oil prices plunged from $115 per barrel to $48.5 per barrel between June 2014 and January 2015, continuing to decline and hit record lows in January 2016 amid global oversupply.
On Friday, Russian Prime Minister Dmitry Medvedev said the country's 2016 budget is in need of serious cuts. Medvedev charged the Finance Ministry with submitting a plan to cut state expenditures by 10 percent.
