The annual average price of oil in 2016 will be in the range from $40 to $50 per barrel, could rise to $50 by the end of the year, Minister of Energy Alexander Novak told journalists on Thursday, Tass reports.
"I believe that this year between $40 and $50 is possible, by the end of the year it could reach $50," he said.
Earlier, Russia’s First Deputy Energy Minister Alexey Teksler said that oil prices will reach $45 per barrel in the second half of 2016 and recover to $65 per barrel by 2018.
"It seems to me 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 the price will recover to $65 a barrel by 2018," the official said.
