The MAYOR has predicted a reduction in the price of oil

© Fotolia / Maksym DragunovПеревозка oil. Archival photoThe MAYOR has predicted a reduction in the price of oil© Fotolia / Maksym Dragunov

Ministry of economic development expects a gradual decline in oil prices amid rising production in the US and OPEC+, in July next year it will be slightly above $ 60 per barrel, according to updated forecast of the MAYOR, published in the report «the economy in August».

«In the medium term a gradual decline in prices will encourage the rapid growth of oil production in the US and a gradual increase in production by OPEC countries and Russia», — stated in the material.

Thus, as indicated in the table with the forecast changes in oil prices, the Ministry considers that the peak in oil prices was passed this summer and in the future waiting for lower prices, which in July 2019 will amount to just above $ 60 per barrel.

The forecast average price of Urals oil in 2019 the Ministry of economic development has not changed. It still expects a decline in prices on Urals oil to 63.4 per barrel in average for 2019, to 59.7 per barrel on average for the year 2020 and to 53.5 per barrel in 2024.

The MAYOR has predicted a reduction in the price of oil© Infographicsrussia forces in the world oil market

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