Russia's Central Bank increases oil price forecast in base scenario

Russia's Central Bank increases oil price forecast in base scenario

Russia's Central Bank increased oil prices in 2018 in the base scenario, the chairperson of the Bank of Russia Elvira Nabiullina said.

"We increased oil prices in 2018 in the base scenario. We took into account the recently reached agreements of the oil exporting countries. Now, instead of $44 per barrel, our average oil price is at around $55 per barrel next year," Nabiullina said.

"Considering that now the forecast includes higher oil prices and a higher current account balance, we increased net capital outflow estimate for the next year from $10 bln to $16 bln," the chair said.

"However, in the medium term, we have no grounds to abandon the conservative approach. If the [OPEC +] agreement is not extended, then in 2019-2020 there will be a gradual decline in oil prices, which we had expected earlier, slightly higher than $40 per barrel," TASS cited her as saying.

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