New baseline forecast for Russian economic growth in 2017-20 assumes oil prices at $45.60, $40.80, $41.60, $42.40/barrel
MOSCOW. April 7 (Interfax) - The new baseline Russian economic growth forecast for 2017-2020 is calculated based on annual average oil prices at $45.60, $40.80, $41.60 and $42.40 per barrel respectively, Economic Development Minister Maxim Oreshkin told reporters on Thursday.
"In terms of oil prices, the basic premise is a decline in oil prices this year to $40 per barrel by the end of the year [resulting in an annual average of $45.60 - ed.] and them staying at a level of about $40 in real terms in 2017 prices subsequently," Oreshkin said.
"We are also doing conservative and so-called 'baseline plus' estimates. These are just two scenarios that demonstrate what will happen with the economy and the markets if oil will be slightly lower or slightly higher," he added.