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Average annual oil price to be at least $30 per barrel — Sberbank CEO

January 22, 13:43 UTC+3 DAVOS
The balance of supply and demand on the oil market and the policy of the Federal Reserve System will lead to stabilization of oil prices, German Gref said on the sidelines of the World Economic Forum
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© Vladimir Smirnov/TASS

DAVOS, January 22. /TASS/. The average annual oil price in 2016 will be at least $30 per barrel, Sberbank CEO Herman Gref told journalists Friday on the sidelines on the World Economic Forum in Davos.

"We believe that the average annual oil price will be at least $30 per barrel," Gref said.

Gref noted that he did not expect a long-term preservation of high volatility in the oil market.

"I think that the daily volatility in the oil market of 5-6% cannot last long. The market will remain volatile but not the same as now," he said.

Gref noted that the balance of supply and demand on the oil market and the policy of the Federal Reserve System will lead to stabilization of oil prices.

"So far no one predicts a big rebound, but it is around $30-40 at the end of the year with a decline in volatility in the course of the Q1-Q2," Gref said.

Sberbank privatization is not reasonable in 2016

According to Sberbank CEO, the privatization of Russia’s largest savings bank Sbenbank in 2016 is not reasonable.

"This year, I think it is not very realistic, because if we talk about Sberbank, it requires a change to the law and preparation for privatization. And of course, you need to look for the right time for this," German Gref said.

Gref also said that no one has officially put privatization of the bank on the agenda yet.

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