Oil prices recovered have recovered from an 11-year low as investors closed speculative positions ahead of the end of 2015.

The world’s largest oil exporter Saudi Arabia’s air defence systems shot down a ballistic missile fired from Yemen, which was aimed at oil installations in the south of the kingdom, the Yemeni army claimed.

The missile was targeted towards the Saudi city of Jizan, where a new refinery is currently being constructed.

"The oil industry worries that the freeze will continue even after 2016."

Reuters quoted Russian Energy Minister Alexander Novak saying in an interview to Kommersant news daily that oil production in the country may start falling in 2017 should tough taxation policy continue.

Instead of reducing oil export duty to 36% from the existing 42% in 2016, the government has decided to freeze its oil export duty citing budget constraints.

This decision triggered alarms within the oil industry, which worries that the freeze will continue even after 2016.

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In 2015, North Sea production from Britain and Norway may witness an increase as new fields are set to become operational, JBC Energy analysts said.

Image: The US WTI crude futures increased 34 cents and traded at $36.15 a barrel. Photo: courtesy of Rawich/