SOCHI (Sputnik) — He added that the prices could grow up to $50 per barrels, but it would take some time to reach these levels.
"We would like the prices to be higher, because we see that the investments in the oil industry have slumped and it creates a major threat to the stability of the market… At the same time it is obvious that the investments will continue to decrease at the current level of prices, and at some point it will lead to further gradual increase in prices," Dvorkovich told reporters.
Why are #oil prices so low? https://t.co/dunnW9yf57 pic.twitter.com/B030DBFRbe
— World Economic Forum (@wef) 8 May 2016
Oil prices have plunged more than 60 percent from their peak of over $110 a barrel in June 2014 due to global oil production outpacing global demand.
In April, the Organization of the Petroleum Exporting Countries (OPEC) and major non-OPEC oil producers failed to agree on freezing oil output at January levels to shore up prices after Saudi Arabia backed out of a deal, insisting that Iran, which has been boosting oil production after years of international sanctions, should be part of any production cuts.
