08:20 GMT21 June 2021
Listen Live
    Business
    Get short URL
    0 55
    Subscribe

    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.

    Related:

    Transneft Proposes Crude for Sulfur-Rich Oil to Avoid Price Discounts
    Iran Confirms Plans to Increase Oil Production But Wants Higher Price
    Macro-Prognosis: Russian Economic Ministry Expects Annual Oil Price of $40
    Tags:
    oil prices, Alexander Novak, Russia
    Community standardsDiscussion