Putin, Merkel call for joining efforts to establish truce in SyriaRussian Politics & Diplomacy September 29, 19:54
Putin, Merkel agree schedule of Normandy Four contacts on Donbass settlementRussian Politics & Diplomacy September 29, 19:31
Russia concerned over US' statements on readiness to use nuclear weaponsRussian Politics & Diplomacy September 29, 19:01
Russia to hold consultations with OPEC on oil production cap in October-NovemberWorld oil prices September 29, 19:00
Rosneft claims almost $50 mln from RBC media holding for reputational damageBusiness & Economy September 29, 18:51
Abkhazia and Nauru sign first intergovernmental Treaty of Amity and CooperationWorld September 29, 18:36
PSV Eindhoven FC hopes racially-tinted banana-tossing prankster is nabbedSport September 29, 17:58
Russian Foreign Ministry warns of possible extremist attacks on September 30Russian Politics & Diplomacy September 29, 17:53
Turkish top diplomat says Ankara ready to work with Moscow to ensure Syrian ceasefireWorld September 29, 17:44
MOSCOW, January 13. /TASS/. The period of low oil prices may last for decades, Russia’s Economic Development Minister Aleksey Ulyukayev said on Wednesday.
"For commodity-based economies such as Russia … the period of low commodity prices will be very long. I find it difficult to judge whether it’s the era of global commodity cycle or simply a new pattern. But I’m convinced that this is [going to be] a very long period of time," he said.
The minister added though that one should not be scared of oil price at the level of $20 or $15 per barrel. "Logics suggests that the less it falls today the more it’s probable to bounce back tomorrow. This is not the biggest risk. The biggest risk is that low prices [are likely to be] protracted, meaning for years or decades," he said.
Russian Central Bank’s optimistic scenario implies that oil prices will bounce back to $75 per barrel, head of the regulator’s monetary policy department Igor Dmitriev said on Wednesday.
"Our optimistic scenario implies that oil price will bounce back to the range of $70-75 (per barrel)," he said.