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Sberbank CEO: oil price of $45 per barrel to boost Russian economy growth in 2017

May 30, 2016, 11:05 UTC+3 MOSCOW

If curernt trend continues, there can be a small growth of the Russian economy next year, says Sberbank CEO, predicting growth to $80 per barrel by 2024

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MOSCOW, May 30. /TASS/. Russia's economy may grow next year if oil prices stay at around $45 per barrel, Sberbank CEO Herman Gref said on Monday in an interview with Rossiya 24 TV channel.

"If the curernt trend continues, and the oil price will be around $45 per barrel,… next year, most likely, we will be a small growth of the Russian economy," he said.

Gref added that oil price in 2020 could reach $60 per barrel, and by 2024 could increase to $80 per barrel.

On May 26 the price of Brent crude oil exceeded the mark of $50 per barrel for the first time since November 4, 2015. The maximum price for

July Brent crude oil futures contract reached $50.08 per barrel, according to the London’s ICE Futures Europe.

The price of oil began to rise on May 25 after the publication of the US oil reserves data. Thus, US commercial oil reserves fell for the week of May 16-20 by 4.2 mln barrels to 537.1 mln barrels.

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