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.
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)