Macron announces his victory in first round of French presidential voteWorld April 24, 1:29
Le Pen gets 23.08%, Macron - 23.11% after 33 mln votes counted — Interior MinistryWorld April 23, 23:58
Preliminary results of French polls reveal defeat of two leading partiesWorld April 23, 22:49
Macron, Le Pen lead in first round of French election — TVWorld April 23, 21:33
Russian Foreign Ministry slams OSCE car incident in Donbass as 'provocation'Russian Politics & Diplomacy April 23, 19:41
Macron winning presidential polls among French living in US, Canada — TVWorld April 23, 19:12
French nationals in Moscow expect presidential polls to bring changes to their countryWorld April 23, 18:01
French presidential hopefuls cast ballots in first round of electionWorld April 23, 15:52
OSCE staff member dies in car blast in DonbassWorld April 23, 13:55
The price of $80 per barrel is quite probably an equilibrium price but other scenarios are also possible, he said.
The Organization of the Petroleum Exporting Countries (OPEC) decided at its meeting in Vienna on Thursday to keep the oil cartel’s production levels unchanged, which sent Brent crude prices below $70 per barrel.
“OPEC’s decision was expected,” Ulyukayev said. “We spoke about this before.”
An expert study and oil price forecasts are quite a complex thing, the economic development minister said.“If we look at how forecasts are changed, this is normally done by extrapolating the current situation and they are revised quite frequently.”
“In this situation, it is quite probable to speak about an equilibrium price of closer to $80 per barrel but no one will give an exact figure now and we need to prepare for any scenario,” Ulyukayev said.
Russia adopted its budget for next year based on an oil price of $96 per barrel. Oil and gas exports account for about 50% of Russia’s revenues.
Russia’s Economic Development Ministry will certainly “revise down its price outlook but I can’t say now how much it will be revised,” Ulyukayev said.