The minister noted that low cost of production will allow Russian oil companies to survive almost with any oil price on the market
"We believe the demand and offer balance will be restored in twelve, or eighteen months at most," the minister said.
Russian oil sector increased investments in the ruble value at 2015 year-end, Alexander Novak said. Production drilling rose 8% and exploration drilling grew by 5-6% approximately at the end of the first quarter of 2016, he added.
"Our companies believe the market will recover shortly and continue investing into their sector," the minister said.
