Oil Prices Unlikely to Rebound to High Levels Soon - Russian Central Bank

The Russian Central Bank head said global oil prices were unlikely to return to high levels in the near future.

ST. PETERSBURG (Sputnik) — Global oil prices will barely return to high levels in the near future, Russian Central Bank Governor Elvira Nabiullina said Thursday.

"There will not be a fast return to high oil prices and we shall live against the backdrop of low oil prices. Moreover, we should break off a habit of associating optimistic target predictions with growing oil prices instead of focusing on structural reorganization of the economy," Nabiullina stated at the International Financial Congress held in St. Petersburg.

The Organization of Petroleum Exporting Countries' (OPEC) ability to influence global oil prices has significantly decreased due to the so-called shale revolution that stimulated tremendous production of oil and natural gas, she explained.

Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid a glut in global oil supply and causing significant problems for oil-producing countries.

Prices have rebounded since January, gaining over 70 percent by May, and reaching $50 per barrel in early June.