Novak called the range of oil prices in 2017

The head of the energy Ministry of Russia Alexander Novak in the air of TV channel “Russia 24” called the range of oil prices in the current year. “I think that the potential growth, the price of oil is not exhausted. Nevertheless, in General, in order to assess the situation, in my opinion, the price will be for this year on average from $50 to $60 per barrel,” he said (quoted by “Interfax”).

“We’ll see, perhaps, higher prices relative to today’s current price of $55,” — said Novak, noting that this largely will depend on the current balancing of supply and demand.

According to him, balancing the oil market could happen at the end of the first half of 2017, although I was estimated that it will occur in the third and fourth quarter of this year.

The increase in investment in the oil industry this year will have a positive trend, praised Novak, why the implementation of the agreement on production cuts. “This is the January figures are already talking,” said he.