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Russia’s ministry projects oil price to reach $64 per barrel in 2025

October 19, 2016, 19:42 UTC+3 MOSCOW
Russia’s GDP growth is expected to range between 2.2% and 2.6% in the period
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MOSCOW, October 19. /TASS/. Russia’s Economic Development Ministry projects a gradual increase of the crude oil price to $64 per barrel by 2025, a source in the government’s financial and economic bloc told TASS with reference to the Ministry’s calculations.

"According to preliminary forecasts, from 2020 to 2025 the price of crude oil will be gradually rising from $59 per barrel in 2020 to $64 per barrel in 2025," he said.

Russia’s GDP growth is expected to range between 2.2% and 2.6% in the period, the source said. In 2020-2022 economic growth will amount to 2.4-2.6% and will slow to 2.2% to 2025, he added.

As TASS reported earlier with reference to reviewed macroeconomic forecast, the Economic Development Ministry’s base plus scenario implies that crude oil price will rise from $48 per barrel in 2017 to $52 in 2018 and $55 in 2019.

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