Global oil prices could waver between $40 and $60 per barrel in the 2017-2019 period due to global demand and supply trends, according to the Russia’s Finance Ministry statement on Monday.
Oil prices and geopolitical tensions will still play some of the key risks for the Russian economy over the projected period, according to the FM's statement.
"Under the most negative scenario, it may concern the impossibility of attracting loans in required volumes and on acceptable conditions,” the statement read.
The ministry also expects that the percentage of sovereign debt to GDP to be 14.6 percent in 2017. For 2018 it is expected to be 14.9 percent and increase to 15.3 percent for 2019.
In November last year, OPEC members unanimously agreed to lower oil production by 1.2 million barrels per day, and eleven non-OPEC oil producers agree to cut oil output to achieve market stability at the joint ministerial meeting in December 2016.
One of the biggest oil producer Russia pledged to lower oil production by 300,000 barrels per day.
Since Nov. 30, when OPEC announced a production target of 32.5 million barrel per day , oil prices have jumped by around a fifth to $56.50 per barrel. On Monday International benchmark Brent crude oil price rose by 0.35 percent to $57.01 while U.S. WTI increased by 0.37 percent to $54.03 at 06.26 GMT.
(Anadolu Agency)
