ALGIERS (Sputnik) — 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 the ongoing glut in global oil supply and causing significant problems for energy companies and oil-reliant countries. Prices have rebounded since January, gaining over 70 percent by May.
"Taking into account that today first cost of oil production has significantly decreased and many have increased their efficiency I think the range of $50-60 is the price which will be attractive for investments to stabilize the market," Novak told reporters in Algeria, where he is taking part in the International Energy Forum running from September 26 to 28.
