The Ministry of economic development called unlikely the price of oil below $40

Moscow. October 23. The Ministry of economic development in its conservative scenario sets the price of oil to $40 per barrel, for the purposes of forecasting the lower price is not needed, said the Minister of economic development Alexei Ulyukayev journalists, commenting on the statement by the Central Bank, the Bank of Russia in its pessimistic scenario, considering oil prices “significantly below $40”.

“We do not consider this scenario. Our conservative forecast is $40 per barrel. I think this kind of exercise may be important as a stress-test scenario, i.e. test construction, but they do not have prognostic power,” he said.

As reported, in baseline scenario, the Ministry expects average annual oil price in 2016 at $50 per barrel.