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Novak predicts the recovery of the oil market by the end of next year



On the level of supply in 2015 will emerge only by the end of this year.



30.May.16 1:24 AM
By Alesya Davydova
Photo INNOV.RU

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Novak predicts the recovery of the oil market by the end of next year
Russian energy Minister Alexander Novak, speaking at the forum Vestifinance, said about a possible recovery of the oil market by the end of next year, reports RIA Novosti.

The head of Ministry is confident that by the end of 2017 will have completed a cycle of the low market price of "black gold" and you can expect market recovery of hydrocarbons.

In his report he referred to the opinion of experts, "who are very serious about the analysis of global markets" and said that in the course of this year there will be a sentence below the 2015 level.

Alexander Novak noted that, despite the low level of supply, the demand will continue to increase, and by the end of 2016 will be from 1 to 1.2 million barrels per day. The imbalance between supply and demand, according to the Russian Minister of energy, will be gradually reduced.

World oil prices have fallen more than tripled since the summer of 2014 by the end of 2015. This year prices for Brent oil reached 30 dollars.



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