"It seems to me that by the end of 2017 we will see the end of the respective cycle [of low oil prices] and the recovery of the market," Novak stated at the Vestifinance forum.
The supply will be below the level of 2015 during the second, third and the fourth quarter of the current year and only by the year-end, it will reach the previous year's notch, he noted, citing experts' forecast and assessment.
"Due to the fact that the growth still continues, it is estimated that in 2016 the increase in [global] demand will make up from 1 million barrels per day to 1.2 million barrels per day. This imbalance [of supply and demand] will shrink," Novak outlined.
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.