11:55 GMT +315 October 2019
Listen Live
    Ruble and euro banknotes of different denominations in a jar.

    Russian Econ. Dev. Ministry May Use $35-40 Oil Price in 2016 Forecasts

    © Sputnik / Igor Samoilov
    Russia
    Get short URL
    124
    Subscribe

    In new macroeconomic forecast for 2016 Russia's Economic Development Ministry may use $35 or $40 dollars per barrel for oil prices, Minister Alexei Ulyukayev said Wednesday.

    MOSCOW (Sputnik) — Russia's Economic Development Ministry may use $35 or $40 dollars per barrel as a working assumption for oil prices on the world market in its new macroeconomic forecast for 2016, Minister Alexei Ulyukayev said Wednesday.

    "We have scenarios basing on $35 and $40 dollars per barrel. Now we are considering these options with the governmental agencies and, it seems one of them will be suggested in April," Ulyukayev told reporters.

    Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid an ongoing glut in global oil supply. The slump has caused significant financial problems for many oil exporting countries, including Russia.

    The current Russian state budget for 2016 was calculated based on an oil price of $50, with an assumed budget deficit of 3 percent of gross domestic product.

    Related:

    Russian Economy Shows High Adaptability to Oil Shocks
    Russian Government Expects Economy Growth in 2016
    Russian Economy to Grow by 1.3% in 2017 - World Bank
    Economy Minister: Russian Central Bank May Lower Interest Rates in 2016
    Tags:
    scenario, barrel, crisis, stagnation, ruble, oil prices, ruble, Economic Development Ministry, Alexei Ulyukayev, Russia
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik