Novak: $50 per barrel would be fair oil price

''Taking into account the current market situation, an oil price of $50 a barrel would be fair,'' Russian Energy Minister Alexander Novak said in an interview for Lifenews.

"Prices are unlikely to increase significantly. The price around $50, based on the economic parameters, the balance of supply and demand and the cost of oil production would be fair,'' Tass cites him as saying.