MOSCOW, July 18. /TASS/. The period of low oil prices can last almost indefinitely.
This assessment was expressed by first Deputy Chairman of the CBR Ksenia Yudaeva.
“There are many arguments in favor of the fact that the period of low prices (for oil – approx. ed.) can last a long time. Maybe even almost indefinitely. Now everyone is talking about electric cars, about alternative energy,” she said, speaking at the parliamentary hearings in the state Duma on the issue of basic directions of budget and tax and customs tariff policy.
The price of a barrel of Brent crude since the beginning of this year decreased by 13.6% to us $49,09 per barrel. In the beginning of the year the price of Brent crude was around $57 per barrel, which is 53% higher than in early 2016.
Yudaeva also said that Russian economy is entering an era of low inflation. “We are moving into an era of low inflation. For budget users, this means that the purchasing power of budget expenditures becomes more stable and predictable,” she said.
The Chairman of the Central Bank stressed that the budget is disadvantageous to high inflation or too severe depreciation of the ruble, as the purchasing power in such a situation, despite falling nominal income growth.