Russia's Novak says oil at $70-80 per barrel is temporary and sanctions driven

GORKY, Russia (Reuters) - Russian Energy Minister Alexander Novak said on Tuesday that oil prices of between $70 and $80 per barrel were only temporary and were driven by sanctions, adding that the long-term price would stand at around $50 per barrel.

He said the $50 per barrel forecast was based on estimates by analysts and oil companies.

Novak said he expected Russia's oil production in 2018 to total 553 million tonnes (11.105 million barrels per day), and that production would rise to 570 million tonnes in 2021.

(Reporting by Vladimir Soldatkin; writing by Tom Balmforth; editing by Jason Neely)