Armed OSCE mission may be deployed to Donbass after security zones set up — diplomatRussian Politics & Diplomacy October 26, 18:18
Diplomat: Humanitarian organizations fail to ensure evacuation from AleppoRussian Politics & Diplomacy October 26, 18:15
First footage of post-Soviet Joint Air Defense System drillsMilitary & Defense October 26, 18:15
Putin says Kerch Bridge will allow to carry up 13 mln vehicles per yearBusiness & Economy October 26, 17:59
Another German delegation gearing up for possible visit to Crimea in JanuaryWorld October 26, 17:42
Russia expects opening of major oilfields in West Siberia next yearBusiness & Economy October 26, 17:37
Russian defense minister suggests joint engineering troops’ drills with IndiaMilitary & Defense October 26, 17:33
Russia calls on media to focus on Mosul’s children killed during US-led coalition strikesRussian Politics & Diplomacy October 26, 17:14
NATO discusses with Russia warplane transponder switch-on above Baltic Sea — StoltenbergWorld October 26, 17:13
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.