Speaking at the World Energy Congress in Istanbul, Saudi Arabia’s energy minister Khalid Al-Falih said that by the end of 2016 the oil price could rise to $60 a barrel.
The minister also stressed that Saudi Arabia counts on Russia’s help in negotiations on stabilizing oil markets. Azerbaijan and Brazil will also join the talks.
Following Al-Falih’s statement, Brent crude price on London's ICE Futures exchange traded at $51.82 a barrel, down 0.19% from Friday’s close.
Previously, Algerian Energy Minister Noureddine Boutarfa also said that OPEC members can come to an agreement to cut production by another 1% more than the amount agreed in Algiers last month.
The same day, analysts at Goldman Sachs revealed their forecast which said oil prices will rise above $55 a barrel in 2017.
In late September 2016, OPEC hammered out a deal to reduce the cartel's production to 32.5 million barrels a day.
