Mechanism of alerting on cyberattacks practically never used by US — spokespersonWorld May 23, 22:19
Putin praises work of Independent Public Anti-Doping CommissionSport May 23, 20:38
Russia needs expanding representation in global sports federations — ministerSport May 23, 20:21
Russian athletes must be trained for Olympics under certain geographic conditions — PutinSport May 23, 19:38
Final charges brought against Russian ex-economy minister UlyukayevBusiness & Economy May 23, 18:59
WADA delegation to visit Moscow this week to help with membership reinstatementSport May 23, 18:48
US President Donald Trump's first trip abroadWorld May 23, 18:41
Russian scientists master stimulating neurons with infrared irradiationScience & Space May 23, 18:37
Global research team cracks bacteria transmission codes to combat drug-resistant strainsScience & Space May 23, 17:44
MOSCOW, December 23. /TASS/. The period of low oil prices may last 15 years, former Finance Minister Alexey Kudrin and head of the Economic Expert Group Yevsey Gurvich said in an article on new growth model analysis on Tuesday.
The authors of the article written for Economic Issues journal refer to an econometric analysis to describe the long-term oil price dynamics as a slowly growing trend influenced by large-scale cyclical fluctuations.
“The period of such fluctuations equaled about 30 years in the last decades. These conclusions together with the forecasts presented allow for an assumption that we've passed the peak of oil prices and entered a phase of their fall. Judging from the past experience, it may last 15 years,” the economists said.
The oil price downside trend is caused by the growing output of shale oil in the United States and the high likelihood of the return of Iran, Libya and Iraq to the market along with slowing demand for oil from developed and developing countries, the economists said.
“A sharp fall in oil prices in October-November 2014 shows that the process of falling hydrocarbon prices may accelerate considerably,” the authors said.