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Wednesday, January 16, 2019

Russia's 2015 oil price prediction to be revised downward

Russian Economic Development Minister Alexei Ulyukayev

Russian Economic Development Minister Alexei Ulyukayev said the Russian ministry will lower its predicted price for oil in 2015, possibly to as low as $80 per barrel, the Eurasian Development Bank said.

The Organization of Petroleum Exporting Countries' (OPEC) decision Thursday to keep production rates at the same level sent the price of Brent crude oil below $70 per barrel.

Ulyukayev was not surprised by OPEC's decision. He also presented other scenarios based on the complexity of oil forecasts.

“If we look at how forecasts are changed, this is normally done by extrapolating the current situation, and they are revised quite frequently,” Ulyukayev said. “In this situation, it is quite probable to speak about an equilibrium price of closer to $80 per barrel, but no one will give an exact figure now, and we need to prepare for any scenario.”

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Eurasian Development Bank

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