Ceasefire agreements enter into force near Damascus, in Idlib province ― mediaWorld December 10, 4:18
Russian pair Tarasova/Morozov win final of ISU Grand Prix of Figure Skating in MarseillesSport December 10, 4:00
Matviyenko to visit UAE to participate in Forum of Women Speakers of ParliamentRussian Politics & Diplomacy December 10, 3:21
Doping samples of all athletes from past three Olympics should be re-analyzed ― lawmakerSport December 10, 2:01
Russia’s figure skater Medvedeva leads with world record after SP at Grand Prix finalsSport December 10, 1:28
Russian energy minister expects OPEC, non member countries to sign agreement on oil outputBusiness & Economy December 10, 0:46
40 ceasefire violations reported in Syria in past day ― Russian reconciliation centerWorld December 10, 0:02
Russia open for cooperation with IOC, WADA ― ROC presidentSport December 09, 23:44
McLaren’s report speaks for ‘fundamental attack’ on sports integrity ― IOC chief BachSport December 09, 23:08
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.