Global oil prices will barely return to high levels in the near future, Russian Central Bank Governor Elvira Nabiullina said Thursday, Sputin reports.
"There will not be a fast return to high oil prices and we shall live against the backdrop of low oil prices. Moreover, we should break off a habit of associating optimistic target predictions with growing oil prices instead of focusing on structural reorganization of the economy," Nabiullina stated at the International Financial Congress held in St. Petersburg.
The Organization of Petroleum Exporting Countries' (OPEC) ability to influence global oil prices has significantly decreased due to the so-called shale revolution that stimulated tremendous production of oil and natural gas, she explained.