Russian Central Bank expects start of smooth recovery of oil price in Q1 2016
Edited by Rhod Mackenzie / 2015-12-14 11:07:47
Russian Central Bank expects a smooth recovery in prices for Urals oil in the first quarter of 2016, while till the end of 2015 the price will remain near current levels, the Bank of Russia's report on monetary policy informs.
"The rise in the prices will be contributed by the reduction in the supply by countries outside of Organization of Petroleum Exporting Countries (OPEC) by 0.3-0.6 million barrels per day on the average in 2016 as a result of reduced investment in development and production by over 20% in 2015,"- the document says.
