Russian economic ministry to base 2016 forecast on oil at $40/bbl

SIMFEROPOL, Apr 8 (PRIME) -- Russia’s Economic Development Ministry will base its adjusted macroeconomic forecast on an average annual oil price of U.S. $40 per barrel in 2016 and $45 per barrel in 2017, Minister Alexei Ulyukayev told reporters Friday.

“We suggest $40 for the baseline edition of the forecast for 2016 and $45 for the next year,” he said.

Previous macroeconomic forecast was based on an average annual oil price of $50 per barrel in 2016 and the price of $52 in 2017.

The ministry is to publish its adjusted forecast in April. Previously, Ulyukayev said that under the oil price of $40 Russia’s economy may contract 0–0.5% in 2016.

End