Nabiullina predicted the return of oil prices to $50 in 2016

Moscow. December 11. The price of oil will return to $50 per barrel in 2016, but there is a risk that this forecast is not implemented, said the Chairman of the Central Bank Elvira Nabiullina at a press conference on Friday.

“In its baseline forecast, we assume that in 2016 the price of oil will return to the average annual level of $50. However, increased possibility that this will not happen, and prices will remain below $50 for a longer period,” – said Nabiullina.

Meanwhile, on Friday oil prices that have lost this week more than 8% – a maximum since March, continue to decline amid concerns that the actual failure from realistic OPEC production quotas will lead to the preservation of overproduction on the world level.

Quotes Brent fell during trading on Friday to the lowest level since 2008.

According to the published Friday the forecast of the International energy Agency, the glut of oil in the world will continue until at least the end of 2016, with demand growth slowing, OPEC intends to maximize the production.

The cost of the January futures for Brent crude on London’s ICE Futures exchange 14:34 MSK fell by $0.57 (0.43 per cent) to $39,16 per barrel.

Futures price for WTI crude oil for January in electronic trading on the new York Mercantile exchange (NYMEX) decreased by this time $0,41 (1,12%) to $36,35 per barrel.

If the current oil prices (around $40 per barrel Brent) the Russian budget will be short next year about 1.5 trillion rubles, compared with the baseline scenario at $50 per barrel, said Friday the Deputy Minister of Finance Maxim Oreshkin.