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The Russian government is working out a scenario of possible restrictions on the export of Russian gas and oil - Ulyukaev
The government of the Russian Federation is working out options for actions in case of imposing restrictions on oil exports. This was announced in an interview with the Russian service of BBC, Minister of Economic Development of the Russian Federation Alexei Ulyukaev.
He noted that the reduction in energy prices could seriously affect ordinary citizens and companies. At the same time, according to the minister, the Russian budget will not be seriously affected, because the decline in prices is balanced by the ruble exchange rate.
"I do not think that the sanctions against Russia will tighten, but we have provided for such a possibility in some of our forecasts. We are working on a scenario of a possible restriction on the export of Russian gas and oil," the minister said in interview .
"It's not just about the size, it's about volatility. This affects all plans of investors. Investment and consumer demand may decrease. All this negatively affects the dynamics of GDP," Ulyukaev said.
The International Energy Agency predicts that oil prices may fall below current levels in the coming months, as the oil market enters a period of low demand.
According to the IEA forecast, oil consumption in the first quarter of 2015 will drop by about 1%, to 92,6 million barrels per day. At the same time, according to the IEA, the current situation increases the pressure on OPEC, therefore, it will be increasingly difficult for the organization to abandon the decline in production quotas.
In addition, the US Energy Information Administration (EIA) lowered its Brent price forecast in 2015 from $ 101,67 to $ 83,42 a barrel.
The main reason for this is the growth of oil production in the United States and the volume of deliveries of raw materials from Saudi Arabia to the world market. The EIA consumption forecast has decreased from 92,5 million to 91,38 million barrels per day.