Russia forecasts oil price at $50

Moscow, Oct 8 (AFP/APP): Russia, one of the world’s biggest energy producers, is basing its economic forecasting on an oil price of $50 per barrel, Energy Minister Alexander Novak said Tuesday.

“We believe that in the medium term, oil prices will be around $50,” Novak said in an interview with Rossiya 24 state television, adding this was a “conservative scenario”.

“Our forecast of (Russia’s) socio-economic development is based on this price,” he said.

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The forecast is below the current market price for oil which has been volatile as worries about supply have been counterbalanced by concerns over a slowing world economy.

On Tuesday WTI, the US benchmark, traded at around $52 while its European counterpart, Brent, stood at just over $58.

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