Oil prices may exceed $55 per barrel by 2017

By mid-May, the Brent crude benchmark approached the price of $50 per barrel. Brent nearly reached $49.50 early on Wednesday before falling to just under $49 per barrel.

"Most likely, the price of oil will be fluctuating in the $45-55 per barrel range today. By the end of the year, we may see the price rise above these figures," Alekperov said in an interview with Rossiya-24 television.

Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid the ongoing glut in global oil supply and causing significant problems for energy companies and oil-producing countries. Prices have rebounded since January, gaining over 70 percent by May.

Kazinform refers to Sputniknews.com