04:16 GMT04 March 2021
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    The glut in global oil supply will fall in the start of 2017 before market equilibrium is reached in the middle of the year, Russian Energy Minister Alexander Novak told Sputnik on Thursday.

    ST. PETERSBURG (Sputnik) — Oil prices are likely to reach $65 per barrel within three or four years, before the next cycle of high oil prices possibly taking prices to $150 per barrel within 10-15 years, he said.

    "Keeping production and supply at the given level, the imbalance can be reduced by rising consumption, and it will fall by the start of 2017…Supply and demand will be in equilibrium in the middle of next year," Novak said.

    "There is a certain consensus that but the end of the year, the price will be at the level of $50-60 per barrel this year, with the average yearly price just below $50 per barrel given that prices were low at the start of the year," the minister added.

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    Tags:
    oil market, Alexander Novak, Russia
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