Russian minister sees oil price at $50, ruble not spurring CPI ‘16

MANILA, Nov 16 (PRIME) -- The oil price will likely stand at U.S. $50 per barrel in 2016, and the Russian ruble rate influence on the consumer price index (CPI) will decrease to barely noticeable, Economic Development Minister Alexei Ulyukayev told reporters Monday.

On Monday, Brent rose 1.24% to U.S. $45.02 at 4:11 p.m., Moscow time, recovering after one-year lows last week.

“There is such a mixed dynamics there. Output grows yet drilling does not increase, and it is not quite clear whether this is a long-term or a short-term trend but nevertheless, it seems to us that an average price (for oil in 2016) will be closer to the levels which we have our forecasts -- about $50, ” Ulyukayev said.

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