Russian ministry sees average oil price at $50–55 per bbl in 2017

MOSCOW, Feb 15 (PRIME) -- The oil price may rise to U.S. $55 per barrel or even $60 soon, but the average price for 2017 will stay within the $50–55 range, Pavel Sorokin, head of the Russian Energy Ministry’s center for energy research, said Wednesday at a meeting with international rating agency Fitch.

“The range that we think is reasonable and within which oil will most likely remain this year is about $50–55 per barrel if we take an average annual price. In the near future, it may rise above $55 or even reach $60 depending on condition of the market, on demand and other things. But the current price of $55 is in general appropriate and fair, and it reflects the balance of supply and demand,” he said.

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