The effect of creation of a common market of oil and petroleum products within the Eurasian Economic Union (EAEU) may total $5-8 bln within five years, Minister of Energy and Infrastructure of the Eurasian Economic Commission (EEC) Danil Ibrayev told TASS Tuesday.

“The key effect is the creation of environment for liberalization of the market regulation. The rationale is to open it up for any participant across the EAEU,” he said.

Earlier on Tuesday the Supreme Eurasian Economic Council, which consists of heads of the EAEU member-states, adopted the Concept of creation of common markets of oil and petroleum products.

According to Russian President Vladimir Putin, the combined effect of the creation of a common oil market for the Eurasian Economic Union (EAEU) by 2025 will top $8 bln per annum.