MOSCOW (Sputnik) — Yudaeva added that first-quarter ruble appreciation was mainly caused by foreign trade revenue inflows and had much less to do with currency carry trade.
"As you of course know the basic scenario of the Bank of Russia proceeds from the fact that already in the short and medium terms, oil prices will be adjusted at the level of $40-45 per barrel," Yudaeva said at a financial stability forum.
The six-month agreement between major oil producers has balanced the market, she said, "however, the range of possible scenarios is fairly large."
Earlier Russian Energy Minister Alexander Novak stated that the country will maintain its pledge to cut oil production at a rate of 300,000 barrels per day.
In November 2016, the Organization of the Petroleum Exporting Countries (OPEC) member states reached an agreement to cut oil production by 1.2 million barrels per day in the first half of 2017 to boost global oil prices.
The OPEC agreement was supported by 11 non-OPEC states, which joined the deal by promising to reduce oil output by 558,000 barrels per day. Russia pledged to cut production by 300,000 barrels daily. OPEC has already implemented its commitment while non-cartel countries have implemented over half of the agreed upon cuts.
