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Sberbank head expects oil and gas prices to continue to fall

December 07, 2016, 18:26 UTC+3 MOSCOW

"It is necessary to prepare for lower prices for oil and gas," Head of Sberbank Herman Gref said

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© Valery Sharifulin/TASS

MOSCOW, December 7. /TASS/. Global prices for oil and gas will not recover and will continue to fall, Head of Sberbank Herman Gref said on Wednesday.

"The competitive advantage of the economy of the future should not be based on oil. Oil prices, unfortunately, will fall," he said.

Gref noted that for Russia's economic development in the new conditions there is no need to "learn something to what we have never done."

"We have a competitive advantage. We have oil and gas, we need to learn how to further process it," he said, adding that it is necessary to head in this direction, because "it is necessary to prepare for lower prices for oil and gas".

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