Forecast $80 oil looks optimistic in light of OPEC decision, says Finance Ministry

The forecast for oil to trade at $80 a barrel in the next few years looks somewhat optimistic in light of OPEC's decision on Thursday not to lower oil output, a Russian Finance Ministry official said.

The forecast for oil to trade at $80 a barrel in the next few years looks somewhat optimistic in light of OPEC's decision on Thursday not to lower oil output, a Russian Finance Ministry official said.

"In these conditions even the $80 a barrel scenario in the next few years looks moderately optimistic," Maxim Oreshkin, head of the ministry's long-term strategic planning department, said.

He said Russia's fiscal policy would have to adapt to the new oil prices, which could remain on the low side for quite a while.

Read more: Russia looks for ways to influence oil prices as hole in budget looms>>>

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