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Economic Development Ministry forecasts average Urals crude price of $106 by 2030

April 13, 2012, 22:34 UTC+3
In that case, an average GDP growth will be slightly more than 2%
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MOSCOW, April 13 (Itar-Tass) —— An average Urals crude price will amount to $106 per barrel in 2030 (in the prices of 2010), Deputy Economic Development Minister Andrei Klepach told reporters on Friday. He was commenting on the long-term socioeconomic development forecast the ministry had drafted for the period until 2030.

The deputy minister said the crude price would go down a bit at first and then resume a steady growth, approximately 1% per annum.

Risks related to the crude price dip to approximately $80 per barrel would be more sensitive for the economy if the conservative forecast based on the raw material model is endorsed, he said. In that case, an average GDP growth will be slightly more than 2%, he added.

The ministry thinks that the crude price will go under $100 per barrel in 2013-2019, with the smallest price ($91 per barrel) in 2013, and will hit its maximum ($106) in 2029-2030.

An average gas contract price (including CIS countries) will continue to grow and may reach $544 per 1,000 cubic meters (by the innovative model) and $591 per 1,000 cubic meters (by the conservative model) by 2030, Klepach said.

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