Oil will return to $60-$70 per barrel - Gref

10:43, 14.01.2015 1 min read

Oil will return to $60-$70 per barrel in the future, the president and CEO of Sberbank, German Gref, said.

"I don't believe that it will remain low, at $40, for us, but it may be at $60-$70 for several years," Gref said at the Gaidar Forum on Wednesday. The CEO said that the price for oil, in his opinion, could not stay at $40 per barrel for the year.

"The oil price declared by the Arab Emirates of $25 will not be maintained long. The deeper we fall today, the more rapid the rebound will be," the Sberbank chief said. He said that at the current levels of production, it is impossible to hold the price at $25-$35 per barrel.

At the same time the fall in oil prices is affecting the Russian economy. "We will see a reduction in expenses," Gref said.