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Price for Russian oil is expected to stabilize at $50 per barrel in 2017-2019

November 08, 2016, 14:09 UTC+3

This is the level of balance that is comfortable both for consumers and producers, the Russian minister believes

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© Maxim Slutsky/TASS

ROME, November 8. /TASS/. Russia’s Economic Development Minister Alexei Ulyukayev expects the price for Russian oil to stabilize at $50 per barrel or to be slightly higher in 2017-2019.

"My forecast - I think that the price for Russian oil will be around $50-50 plus. Gas price will be around $180-190 per 1,000 cubic meters. In our view, this is the level of balance that is comfortable both for consumers and producers," Ulyukayev said speaking to the Italian business community. 

Oil price forecasts

Price of oil in 2020 is likely to reach $60 per barrel, and might reach $99 by 2040, according to the forecast prepared by the Energy Research Institute of the Russian Academy of Science.

According to the document, in 2025 price of oil might rise to $81, in 2030 - to $88, in 2035 - up to $94.

In a critical scenario of the forecast, oil price in 2020 is expected to reach $55, in 2025 - $75, in 2030 - $83, in 2035 - $86, in 2040 - $90. In a positive scenario, oil price in 2020 is expected to reach $65, in 2025 - $82, in 2030 - $90, in 2035 - $103, in 2040 - $107.

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