Russian official says $40–60 oil price new normality for 5 yrs

MINSK, Apr 22 (PRIME) -- Oil prices will remain in a U.S. $40–60 per barrel range for the next five years, Deputy Energy Minister Alexei Vedev told reporters on Friday.

“We assume that a $40–60 per barrel range is the new reality, the new normality for the next five years,” Vedev said.

He said that this forecast is in line with expectations of the ministry that economic growth will restart after July. In the worst case scenario, if oil falls to $25 and remains at this level, the growth will restart in January 2017.

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