Alekperov expects price of oil to exceed $85/bbl by end of year

ST. PETERSBURG. June 16 (Interfax) - The price of oil could significantly exceed the current levels by the end of the year, Vagit Alekperov, chairman of the committee on energy policy and energy efficiency of the Russian Union of Industrialists and Entrepreneurs (RSPP), said in a statement.

"I think that it could be more than $85 by the end of the year," Alekperov told Interfax.

"The market should balance, and there is demand. We are taking every effort to stabilize the market," Alekperov explained.

Brent oil is trading around $75.50 per barrel on Friday.

Meanwhile Russian Energy Minister Nikolai Shulginov believes a price corridor oil of $80 per barrel for oil this year is quite possible.

"It is important that prices suit consumers that buy the products," Shulginov said during an interview with the Izvestia TV channel.

Shulginov recalled that every effort is currently underway as part of the OPEC+ deal to balance the oil market.