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.
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.