Only when crude oil markets balance out in the second half of next year can major players starting talking about market recovery, Russia’s oil minister said. An agreement by members of the Organization of Petroleum Exporting Countries and non-member states like Russia to cut production starting in January is aimed at erasing the supply-side strains that pushed oil prices to below $30 per barrel early this year. Crude oil prices have shot up considerably since the November agreement was brokered, holding steady in the mid-$50 range. Russian Energy Minister Alexander Novak told state broadcaster Rossiya-24 that crude oil prices could make a run at $60 per barrel, but it’s unlikely they’ll move much higher soon. “It is unlikely that we will see price increases to a level that was in 2014, which was more than $100 per barrel,” he said. Russian President Vladimir Putin […]