14:22 GMT05 August 2021
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    The price of oil is likely to stay around $50-55 per barrel within the next three years but may rise to $138 by 2025, Russia's largest retail bank Sberbank said in its forecast published Wednesday.

    MOSCOW (Sputnik) — Sberbank expects the oil price to average $40 per barrel in 2016 and grow steadily in the long run. The average price is expected to rise to $64 per barrel in 2020, to $100 per barrel in 2023 and to $138 dollars per barrel in 2025, according to the forecast.

    "Baseline scenario: in 2017-2019, oil prices will be at $50-55/barrel," the forecast titled Sberbank Macro View 2017 read.

    Oil market turbulence caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016, causing hardship for oil exporters and placing a number of global oil producers at risk of bankruptcy. Since then, prices have slightly increased and currently stand at $45-50 per barrel.

    On November 30, the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut crude oil output by 1.2 million barrels per day to 32.5 million barrels per day from January 2017. Non-OPEC countries will reduce their production by 558,000 barrels a day, with Russia agreeing to cut its oil output by 300,000 barrels per day.

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