Gref: oil at $80-$90 per barrel 'not fatal'
MOSCOW. Oct 14 (Interfax) - Sberbank of Russia President and CEO German Gref believes oil priced in the range $80-$90 per barrel is "not fatal."
"It depends on how low it drops. If it is in the range $80-$90 [per barrel], it would be difficult, but not fatal. Nothing terrible. Industry experts, including those I respect most, are not forecasting a drop below $80," Gref told journalists on Tuesday.
The chance that oil prices will drop below $80 per barrel is small. "The probability it goes to $80 is higher. We must wait and see. All of those scenarios are in the realm of possible fluctuations," Gref said.
Central Bank Chairman Elvira Nabiullina said in the State Duma the day before that the Central Bank conducted economic stress testing assuming oil priced at $60 per barrel, but that the probability the most negative scenario would come to pass was exceedingly small.
