MOSCOW (Sputnik) — Global oil prices are expected to start rebounding as the market rebalances by the end of 2017, Russian Energy Minister Alexander Novak said Monday.
"According to most experts' opinions, the crisis has bottomed out and the process of restoring the balance between demand and supply on the oil market has begun. And we expect the end of the low-price period by the end of 2017," Novak said in an interview with the pan-Arab daily Asharq Al-Awsat newspaper.
Global oversupply and stagnating demand have caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016. Prices recovered amid Nigerian, Canadian and Venezuelan output outages and growing demand in May, reaching a peak of over $50 per barrel in early June. Crude prices are currently fluctuating between $40-45 per barrel.