Russia’s Economic Development Ministry expects the oil price to slip to $50 per barrel by 2025-2030 and stay at that level long-term, the Minister Maksim Oreshkin said following the government meeting that considered the social and economic development until 2036 on Thursday, TASS reports.
"The first trend is connected with the dynamics on the commodities markets. We expect a rather substantial drop, a rather low level of prices for main commodities over the long-term. According to our estimates, prices will be at around $50 per barrel by 2025-2030 and stay at that level in real terms further on," he said.
Economic Development Ministry’s base case scenario of the Russian social and economic development outlook until 2024 envisions a gradual decline of the oil price in the period between 2018 and 2024: after rising to $69.6 per barrel in 2018 from $53 in 2017, the average annual price of Urals crude oil will slide to $53.5 per barrel in 2024.
The average price of Urals oil will be $63.4 per barrel in 2019, $59.7 per barrel in 2020, $57.9 per barrel in 2021, $56.3 per barrel in 2022, and $55 per barrel in 2023.