Russian economy ministry more optimistic than CBR about oil prices

Alexei Ulyukayev file photo

SOCHI. Sept 17 (Interfax) – Russia’s Economic Development Ministry is somewhat more optimistic about the outlook for the oil market than the Central Bank in its baseline scenario, which assumes an oil price of $50 per barrel in the next three years.

“Our hypothesis is that it might be a little higher, but this is absolutely not crucial,” Economic Development Minister Alexei Ulyukayev told reporters on Wednesday.

Central Bank chief Elvira Nabiullina said at a press conference last Friday that the Central Bank’s baseline scenario assumes that the oil price will be $50 per barrel in the next three years.