Economics
Oil Staying at $40 Would Stall Russian Recovery, Ulyukayev Says
- Russian economy minister says $50 a barrel 2016 average likely
- Ulyukayev forecasts decreased oil price volatility next year
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Any Russian economic rebound would stall if oil prices stay at $40 a barrel, even if such an outcome wouldn’t create “risks” for the banking industry or the budget, Economy Minister Alexei Ulyukayev said.
A pessimistic case for next year’s outlook assumes an average oil price of $40 a barrel, though it’s more likely that crude will average $50 a barrel, Ulyukayev said in an interview with state television on Monday. In that scenario, volatility eases in the second half of the year and prices resume a positive dynamic, he said.