Oil prices will reach $45 per barrel in the second half of 2016 and recover to $65 per barrel by 2018, Russia’s First Deputy Energy Minister Alexey Teksler said on Tuesday, Tass reports.
"It seems to me that the average price will be about $45 per oil barrel in the second half of the year. The figure may be $50 a barrel in the next year. We expect that the price will recover to $65 a barrel by 2018," the official said.
Representatives of oil producing nations met on April 17th in Doha. Delegations of eighteen countries attended the meeting. The participants failed to reach the production level freeze agreement. Negotiations ended with parties’ statements they need more time for consideration. The parties agreed the OPEC will hold additional consultations with its members that did not take part in negotiations prior to the OPEC summit in June, Russian Energy Minister Alexander Novak said earlier.
