Sands does not consider crash the price of oil below $25

Press Secretary of the President Dmitry Peskov called the low price of oil is unpleasant for Russia, but it is not a disaster for the Russian economy.

“of Course, it is very bad pricing… Mention the fact that it is a disaster for Russia, probably, it is impossible to accept in the medium term,” said Sands, “Kommersant FM”.

Vice-President “LUKOIL” Leonid Fedun called the price $25 per barrel is a disaster for Russia. At this price the exchange rate will remain around 80 rubles/$. According to the head of the accounts chamber Alexey Kudrin, if low prices continue, the country will reduce investment in manufacturing, increase of poverty, the economy will not grow.

Finance Minister Anton Siluanov said about the great margin of the economy of the country: the accumulated reserves will last more than 5 years to fulfil all social obligations.

According to economists, the low price of oil can last up to six months. To begin the rapid growth of oil prices to $30 and higher will end quickly: prices will remain in the range of $25-32 per barrel, predict respondents Вести.Ru experts.

Oil traders expect the fall in oil prices to $20 per barrel or lower, even under $5, according to surveys by Bloomberg.

Real collapse will begin in April when the promised additional volumes of oil from Saudi Arabia and Russia flooded the market, and a trade war between the U.S. and China will worsen the situation in the world economy, suffering from a coronavirus, and will further reduce the demand on the oil market.

In the Eurozone, USA and Japan had a recession — a recession or slowdown in GDP growth, said the review of the economists Institute of international Finance (IIF), representing the largest foreign banks.

the World economy in 2020 will grow by a symbolic 0.4 percent, economists predict.