PM: Russia in for persisting sanctions, falling oil output fall in 2022

MOSCOW, Apr 18 (PRIME) -- The basic and conservative forecasts for Russia's social and economic development until 2022 are based on persisting geopolitical uncertainty and sanctions, and reduction of oil production and exports, Prime Minister Dmitry Medvedev said on Thursday.

“Both scenarios are rooted on several stipulations: firstly, remaining of the geopolitical uncertainty and sanctions, secondly, some reduction of oil production and exports and growth of the same figures for gas. We also hope for a population increase,” Medvedev said.

He said that the basic forecast envisages a U.S. $56.3–59.7 per barrel price of the Urals oil blend and the conservative plan about $42 till $44.

The basic forecast sees the gross domestic product growth (GDP) accelerating to 3.2% and inflation remaining stable at 4%. The conservative forecast assumes some GDP growth below 3.2%.

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