Updated 11:26 a.m. Moscow Time
MOSCOW, October 2 (RIA Novosti) – Russian Minister of Economic Development Alexei Ulyukayev said Thursday that implementing the stress scenario of money-credit policy suggested by the country's Central Bank for oil prices of $60 per barrel was "doubtfully necessary."
"I think that it's impossible to count on this seriously because that price is uncomfortable for all of the large producers and exporters of oil. No country's budget can withstand [selling] at its cost value," Ulyukayev said.
According to Ulyukayev, the supply of oil on the market will simply decrease and the balance will become lower than the current price, but not even close to $60 per barrel.
"In regard to the stress scenario, that's a useful exercise, but we need to understand what the parameters of that is in the worsening of important indicators, especially those that are out of our jurisdiction," he added.
Russian Central Bank is currently developing the stress scenario of money-credit policy in case oil prices plunge. There are three options in the stress scenario, with the toughest of them suggesting an action plan should oil prices fall to $60 per barrel. The most likely scenario envisages a gradual decrease in oil prices from $106.5 at the beginning of 2014 to $102.5 per barrel in 2017, according to Russia's RBC media group.
