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Russia’s Central Bank says oil price could sink in 2018

The oil price could go as low as $40 per barrel, if OPEC+ deal is not extended.

MOSCOW (Sputnik) – The price of oil in case the OPEC+ agreement on oil production cut is not extended could decrease to $40 per barrel by the end of 2018, Central Bank of Russia (CBR) head Elvira Nabiullina said Friday.

In 2017, the CBR expects the oil price at $50 per barrel.

“For the medium term, we left practically the same view. We believe that if the agreement is not extended, the price may slightly go down next year and reach $40 per barrel in real terms by the end of the year,”

Nabiullina told reporters.

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