According to Lukoil president, the oil market is entering uptrend

Vagit Alekperov is a president of leading Russian oil company Lukoil. In 2015, according to Forbes, he was ranked sixth among the richest people in Russia, with $13 billion fortune. In 2011 hes was 20th, while in 2013 he was 25th in the annual Forbes' ranking of the wealthiest people in the world.

Today, in extensive comments to Interfax, Vagit Alekperov said that that oil price will recover to $50 per barrel before the end of 2016. According to him, $27 - $28 price is the bottom, which the market has already alienated. "It is important that even after failure in Doha (the markets were not expecting such a failure), the price remains between $42 - $43 ... this means that now, oil is in a period of price stability, and in the beginning of an uptrend. By the end of this year, the price will stabilize at around $50 and trend will continue in early 2017."

According to the analysis of Lukoil, the Russian industry can withstand any price volatility. Obviously, it has successfully adapted to the conditions so far, according to Alekperov. He states, that 2017 will begin with clear deficit on the supply side of the global oil market.

Read more:

• Trump stock market is far outpacing past US presidents. Here’s what to expect in 2020
• No commission deals – no free lunch
• The next market crash: Experts expect volatility bubble to burst
• The rise in the indexes will last until the end of “Santa Rally”
• Wall St experts on where to invest in 2020