MOSCOW (Sputnik) – The global oil prices may come to equilibrium in the middle of 2017, Russian Energy Minister Alexander Novak said Thursday.
"Lowering investments is a fundamental factor, the prices could come to a fundamental equilibrium already in the middle of next year," Novak said as quoted by Russia's Energy Ministry on Twitter.
4 June 2016, 07:20 GMT
According to the minister, oversupply in the oil market stands at 1.5 million barrels per day.
Oil prices have plunged over the past two years from $115 per barrel in June 2014 to less than $30 per barrel in January 2016. The price drop has been attributed to slowed global economic growth, decreasing energy demand and major producers flooding the market with oil.
