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World oil prices

Russia’s energy minister says $50 per barrel is "fair" oil price in 2016

In the beginning of the year the prices were on average slightly higher than $50, that is why there is hope that in 2016 the price will be approximately on this level, Alexander Novak says

© Maxim Slutskiy/TASS

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MOSCOW, December 28. / TASS /. Russian Energy Minister Alexander Novak said that $50 a barrel is a "fair" price for oil in 2016.

"It is unlikely there will be a sharp surge in prices. In my opinion, as of today the price of around $50 a barrel would be fair, if we proceed from economic parameters, the balance of supply and demand and the cost of oil production," he said an interview with Lifenews TV channel.

Novak noted that this is an average annual indicator.

"Today we see [the price of oil at] $38. We see volatility but in the beginning of the year the prices were higher, on average they were slightly higher than $50, that is why we hope that in 2016 the price will be approximately on this level," he added.

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