(QHA) -

Russia may cut its oil output due to low global oil prices and the lack of investment into the country's energy industry, Deputy Prime Minister Arkady Dvorkovich said Thursday.

Given the pessimistic scenario, Russia's oil output could shrink by 10 percent in the next two or three years, which will not produce serious effects on global oil markets, Dvorkovich told Russia's TV channel Rossiya 24.

Dvorkovich predicted that oil prices will remain at the current level or keep falling for a few more months, and afterwards will bounce to around 80 U.S. dollars per barrel.

"The oil price would finally be restored by fundamental factors and the limitation of speculative instruments," Interfax news agency quoted Dvorkovich as saying.

He added that oil demand remained weak due to the economic growth slowdown in Russia and European Union, as well as the increasing crude oil production in the United States and member states of the Organization for Petroleum Exporting Countries.