Earlier, Novak said the oil price of 55-60 U.S. dollars per barrel is comfortable for both producers and consumers.

Axar.az informs, global oil prices might have dropped to 30-35 U.S. dollars per barrel, or by 20 U.S. dollars below the market level should OPEC countries and non-OPEC oil producing countries fail to reach an agreement on oil production cuts, Russian Minister of Energy Alexander Novak said.

"The current market consensus-based price is in a range of 50-55 U.S. dollars. It is by about 20 U.S. dollars higher than its might be should the deal be failed," he said in an interview with Prozdnyakov program on NTV television channel to be aired on December 12.

Earlier, Novak said the oil price of 55-60 U.S. dollars per barrel is comfortable for both producers and consumers.