MOSCOW, February 19. The phase of low oil prices could last up to 15 years. This assessment in an interview with “Vedomosti” stated the Deputy Minister of Finance Maxim Oreshkin.
The economic development Ministry believes the price of oil to $10 per barrel likely scenario
“We have now entered a phase of low commodity prices, and this can last up to 15 years, as it was in previous years. This means a different paradigm compared to what we lived the previous 15 years”, – said the Deputy Minister.
The Oreshkin noted that the Russian economy is better than other commodity adapting to new oil prices, she “went all to adapt to the new reality”. For example, Saudi Arabia still sells its gold reserves to maintain the previous conditions of life in the country, other countries “deny external changes”.
The low prices phase began in June 2014, when oil prices began to fall from a peak of $112 per barrel to the present level of $34 per barrel for Brent.
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