The Russian Energy Ministry expects the price of oil to remain stable in the coming years, Energy Minister Alexander Novak said in an interview with the Rossiya 24 television network.

“In recent times, we have seen the global oil output increase by one million barrels a day every year. In the U.S., supply is increasing on growing offers of shale oil. But given that oil production is declining in the Middle East and in North Africa, where the economic and political situation is not shaping up very well, we are seeing a balance in the growth of supply and demand. That is why prices have remained roughly at the same level over the last two years. Based on expert analysis, today we expect that the price may remain balanced in the coming years and not be subject to major fluctuations the way it was, for example, in 2008,” Novak said.

Total growth in consumption might reach as much as 1.2 million barrels per day this year, Novak said. Countries in the Asia-Pacific region, where economic growth rates exceed the global average, will be the main drivers of consumption growth.