Russia's economic development minister: oil price declines due to several factors

Decline of oil prices is due to several factors, including production growth in the US and possible changes in the further actions of the OPEC, Russia’s Economic Development Minister Maxim Oreshkin said.

"The reasons for decline of oil prices include several factors - quite aggressive production growth in the US, and rumors associated with a possible change of OPEC tactics. This rumor, of course, affects expectations," TASS cited him as saying.

According to Oreshkin, the level of oil prices in the updated macro forecast for 2017 will depend on the first quarter’s figures.