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Title : Bank of Russia Does Rule Out Another Covid-19 Pandemic Wave, Geopolitical Shocks, $25 Oil Price
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Bank of Russia Does Rule Out Another Covid-19 Pandemic Wave, Geopolitical Shocks, $25 Oil Price

Bank of Russia © Alexander Shcherbak/TASS

TASS: Bank of Russia does not rule out another pandemic wave, geopolitical shocks, $25 oil price

The regulator presented base-case, deflation, pro-inflation and risk scenarios of Russia’s mid-term economic development

MOSCOW, September 10. /TASS/. Russia’s Central Bank does not rule out another wave of the coronavirus pandemic and other shocks for the global economy, including intensified trade frictions and geopolitical tensions, in its risk scenario of the outlook for 2021-2023, in which it expects oil prices at the level of $25 per barrel, according to the draft of ‘Main areas of the single state monetary policy for 2021 and the period of 2022-2023’ released on Thursday.

The regulator presented base-case, deflation, pro-inflation and risk scenarios of Russia’s mid-term economic development. In the base-case scenario, global economic recovery will be slow and insufficient for returning to the potential level of output that the economy is able to provide with full production utilization, by the end of 2023. Oil prices will stabilize at $50 per barrel by the end of 2022. Inflation in Russia will be close to 4% in case of soft monetary policy.

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Update #1: Central Bank of Russia does not rule out another pandemic wave & $25 oil price (RT)
Update #2: Russia’s Central Bank Warns That Oil Could Slide To $25 (OilPrice.com)

WNU Editor: Oil demand and its price are now starting to fall .... Faltering oil demand puts new pressure on OPEC+ production agreements (World Oil).

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