Current oil prices of between $70 and $80 per barrel were only temporary and were driven by sanctions, Russian Energy Minister Alexander Novak said.
The minister added that the long-term price would stand at around $50 per barrel, Reuters reported.
He said the $50 per barrel forecast was based on estimates by analysts and oil companies.
Novak said he expected Russia's oil production in 2018 to total 553 million tonnes (11.105 million barrels per day), and that production would rise to 570 million tonnes in 2021.
