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Russian regulator won’t revise macroeconomic forecasts due to new OPEC+ cap deal

Currently, the Economic Development Ministry expects to see the oil price at $43.8 per barrel in 2018

MOSCOW, December 1. /TASS/. Russia’s Central Bank has no plans to revise its macroeconomic scenarios because of the OPEC+ decision to extend the oil production cap deal until the end of next year, Director of Research and Forecasting Department Alexander Morozov said Friday.

"Given that the [OPEC+ - TASS] agreement has been extended, it can be expected to have a positive effect on oil prices. But I would prefer not to say that it requires a drastic revision of the outlook within scenarios," he said.

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OPEC ministers agree to extend oil production cut deal until end of 2018

Earlier in September, the Bank of Russia upgraded its outlook for the average price of the Urals crude oil from $42 to $44 per barrel in its base case scenario for 2018, according to the regulator’s monetary policy report. It also upgraded the outlook for the average annual price of the Urals oil in 2018 from $55 to $56 per barrel.

The Central Bank’s scenario based on a gradual increase of average annual oil prices implies that the oil price would reach $60 per barrel by 2020.

Meanwhile, Russia’s Economic Development Minister Maxim Oreshkin said earlier on Friday that the ministry would revise its macroeconomic outlook for 2018 due to the OPEC+ decision.

Currently, the Economic Development Ministry expects to see the oil price at $43.8 per barrel in 2018.

On Thursday, top state officials participating in the oil output cap agreement agreed to extend the deal until the end of 2018.

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