The oil price will ebb to around $50 per barrel for the long term, Russia’s Energy Minister Alexander Novak said at a meeting headed by Prime Minister Dmitry Medvedev on Tuesday. "The oil price will be around $50 per barrel in the long term, meaning that the current surge in oil prices jumping to $70-80 (per barrel) is temporary," he said. According to Novak, the global demand for crude oil will start dwindling once competition increases, which is why countries are currently beginning to actively compete to be able to cash in on hydrocarbons reserves, and stimulate crude production. Earlier Reuters reported citing ... (full story)