MOSCOW – Russia's new long-term economic forecast sees oil prices rising in nominal terms to $160-$170 per barrel by 2030, a government document showed on Thursday.
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After taking inflation into account, the price of crude oil and other commodities will remain roughly unchanged over the period. Expressed in 2010 dollars, the oil price would be in a range of $90-$110 per barrel, the forecast said.
The forecast slashed the rate of expected growth to 2.5 percent from 4 percent previously, indicating that oil prices need not only to be high, but to keep rising, for Russia's resource-dependent economy to prosper.
(Reporting by Lidia Kelly and Darya Korsunskaya; Writing by Douglas Busvine)