The oil price will top $60 per barrel by the end of 2016, the Minister of Energy, Industry and Mineral Resources of Saudi Arabia, Khalid Al-Falih, said at the 23rd International Energy Congress in Istanbul on Monday.
According to the minister, the crude price will reach $60 per barrel either in October or by the end of this year.
"We have economic and fiscal plans to deal with very low scenarios and moderate price scenarios," Reuters cited him as saying
Saudi Arabia expects Russia to play a constructive role in the talks on crude output stabilization, Khalid al-Falih added.
