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World oil prices

Oil prices not expected to recover — Russian Deputy Finance Minister

Russia’s Central Bank bases its monetary policy for foreseeable future on low oil prices

© Egor Aleev/TASS

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Oil price plunge to $30 per barrel unlikely — Deputy Finance Minister

MOSCOW, November 26. /TASS/. Oil prices are not expected to recover, Russia’s Finance Minister Maksim Oreshkin said on Thursday, adding that one should adjust to the current levels.

"One should not expect recovery of oil prices as well as of commodities-based industries on the whole, and should adjust to new environment," Oreskin said.

On Wednesday he said the Ministry considers oil price plunge to $30 per barrel very unlikely. "We’re facing oil (price) at around $40 per barrel while prices should go down to around $30 per barrel for the current situation to worsen. But this scenario is only likely in case of a sharp slowdown of the global economic growth and a sharp slowdown of the US economy," Deputy Minister said.

Russia’s Central Bank bases its monetary policy for foreseeable future on low oil prices. According to its worst case scenario, crude oil prices will be substantially below $40 per barrel.

However, the Economic Development Ministry says it bases its conservative forecast for 2016 on $40 per barrel oil price.

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