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Deputy economic development minister projects oil prices for 2015 at $60-80 per barrel

January 14, 2015, 12:04 UTC+3 MOSCOW
"It seems to me that the price of $60-80 per barrel is a more reliable calculation, I don’t trust high stress scenarios," Russian Deputy Economic Development Minister Alexey Vedev said
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At a Transneft oil pumping station

At a Transneft oil pumping station

© ITAR-TASS/Yuri Smityuk

MOSCOW, January 14 /TASS/. Russian Deputy Economic Development Minister Alexey Vedev said on Wednesday he projects oil prices for 2015 to be around $60-80 per barrel.

According to Vedev, the ministry is working on several scenarios of economic development, taking into consideration oil prices from $40 per barrel and up.

“These are just possible scenario calculations. It seems to me that the price of $60-80 per barrel is a more reliable calculation. I don’t trust high stress scenarios. If the average oil price will be $40 per barrel, then there will be structural changes in the economy,” Vedev said.

Vedev also stressed that a lower price for oil does not mean that the “GDP will plunge deeper.” “The structure of the manufacturing industry may change. Some industries may show decline and others will grow,” he said.

However, according to him, it does not mean that if the oil prices reach that level, the GDP will plunge.

Vedev also reminded that the Ministry of Economic Development does not plan to revise the macroeconomic forecast for 2015-2017 earlier than April.

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