Oil prices will move past $55 per barrel as supply-side pressures ease next year, though Russia has the ability to boost output if need be, Rosneft’s CEO said. Igor Sechin , a close ally of Russian President Vladimir Putin and head of privatizing oil company Rosneft, said there are no market forces standing in the way of an increase in oil production long term. Any surplus under normal conditions, however, should evaporate over the next year and a half. “We are to see the end of offer surplus period on the market and initiated normalization of the situation with commercial stocks of oil and oil products,” he was quoted by Russian news agency Tass as saying. “Despite certain recovery […]