Russia hopes Astana talks on Syria will yield package of documents on de-escalation zonesRussian Politics & Diplomacy June 25, 20:31
Russians’ real incomes up by 3% in May - Russian finance ministerBusiness & Economy June 25, 18:39
All doping tests of Russian players at 2014 FIFA World Cup are negativeSport June 25, 15:10
Police refrains from calling Newcastle incident a terrorist attackWorld June 25, 13:14
Putin offers condolences to Pakistan’s president over fire victimsRussian Politics & Diplomacy June 25, 12:39
Fire of fuel tank kills 123 people in Pakistan - TVWorld June 25, 7:58
Muslims worldwide celebrate Eid al-FitrSociety & Culture June 25, 5:18
Mexico knocks out Russia from FIFA Confederations Cup with 2-1 win in KazanSport June 24, 19:59
Putin visits Crimean youth camp ArtekSociety & Culture June 24, 19:42
MOSCOW, June 30. /TASS/. High oil prices may return in 2018 after demand matches offer in mid-2017 because of contracted investments, Russian Energy Minister Alexander Novak said on Thursday.
"We expect demand will match offer by mid-2017 because there are no major investments on the market," Novak added.
"There will be a long-term cycle of low oil prices in the oil sector. We believe the high prices cycle ended in 2008. It [the low prices cycle - TASS] will last for 10-15 years. Prices will be at the level of $50-60, probably $70 a barrel. Then the high prices cycle will start again," Novak said.
The price drop was the result of intensified competition and growing offer because of emerging new technologies, he said.
"Intensified competition in all areas is currently the main challenge for all of us dealing with energy. As far as the oil sector is concerned, we experience a long-term crisis and a price decline. This is also caused by higher competition and development of new technologies making possible to produce oil earlier regarded as unfeasible," the Minister said.