Russian Energy Ministry changes outlook for oil prices

The Russian Energy Ministry increased the upper limit of the oil price forecast for end of 2016 from $ 50 to $ 60 per barrel.

"By the end of the year the price may reach $55 per barrel, I even predict that by the end of the year the oil price may be $ 40-$ 60 per barrel, or even higher, above $ 60 per barrel," the head of the Ministry of Energy of the Russian Federation, Alexander Novak, said.

Novak noted that Russia expects Saudi Arabia to pursue a deliberate policy in terms of oil production growth.

"Saudi Arabia has opportunities to boost production. This may have been done before and by now. I think the policy will be deliberate," TASS cited Novak as saying.