Russian Ministry of Finance predicts oil price decline

Price per barrel can be lower than $100 in 2015-2017.

29.Aug.14 9:21 AM
By Dima Zaytsev
Photo ukrbiznes.ub

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Russian Ministry of Finance predicts oil price decline

Russian Deputy Minister of Finance Alexey Moiseyev thinks that oil price will decrease in 2015-2017. The price is going to be even lower than it was predicted by Ministry of Economic Development earlier. It can be lower than $100 per barrel. Such opinion was shared by the official in his interview with “Russia 24” channel.

Moiseyev paid attention to the fact that forecasts of Ministry of Macroeconomic Development are overstated. Libya is going to start oil supplies in the nearest future. At the same time situation in Iraq is stable at the moment.

The government has accepted basic scenario of social and economic development for 2015-2017 in May. At the same time the officials have made a budget forecast. In accordance with this forecast Ural oil should cost $104 per barrel in 2014. The price will decrease up to $100 per barrel in 2015-2017. Taking into consideration the most pessimistic scenario of economic development this forecast was based on $99 per barrel in 2014 and $90 per barrel in 2015-2017. Ministry of Economic Development paid attention to the fact that if these predictions are correct it will have a negative effect on ruble exchange rate, increase of inflation and decline of domestic demand.

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