Russian Black Sea Fleet to get two Varshavyanka subs Oct 25 and Nov 25 — manufacturerMilitary & Defense October 21, 17:39
Photos of the week: Russian Patriarch’s royal corgi, Putin in Berlin and Trump's familySociety & Culture October 21, 17:32
Russia extends Aleppo humanitarian pauseWorld October 21, 17:27
Russian lawmakers lash out at Belgium for resusal to aknowledge Hassadjek attackRussian Politics & Diplomacy October 21, 17:18
Upgraded Night Hunter to be armed with extended range anti-tank missilesMilitary & Defense October 21, 16:56
Italian helicopters to explore Arctic for Rosneft — manufacturerBusiness & Economy October 21, 16:52
Lawmaker: EU summit proves that Europe has got tired of anti-Russian sanctionsRussian Politics & Diplomacy October 21, 16:38
Russian lawmaker says sanction opponents in EU choke off terror support in SyriaRussian Politics & Diplomacy October 21, 16:10
Islamic State attack on Iraq's Kirkuk rebuffedWorld October 21, 15:48
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.