Russia thinks it will take 7 years for oil prices to recover

AP/RIA-Novosti, Presidential Press Service, Alexei Nikolsky, Pool, File “Lower for longer” is becoming the catch phrase of the global oil industry, as an increasing number of energy executives and government officials alike see no opportunity for prices to rebound to their levels of mid-2014. The latest such forecast came from Maxim Oreshkin, Russia’s deputy finance minister, who says he expects oil to sell for no more than $40 to $60 per barrel for the next seven years, and that Moscow is...