Russia’s Energy Outlook Gloomy Amid Falling Oil Prices thumbnail While most oil-dependent economies are likely to suffer under the low and volatile oil prices predicted for next year, analysts paint a particularly dark picture for Russia, which is under the additional pressure of a faltering economy and Western sanctions over Ukraine. At the end of last week oil traded at below $59 per barrel, hitting a new five year minimum. Oil prices continue to plummet from their peak in mid-2014 as supply exceeds demand, further buckling under OPEC’s decision in November not to curb production. “Moving into 2015, we see downside risks to energy prices on the back of OPEC’s decision to allow the market to “stabilize itself.” This could result in lower oil prices but also higher price volatility,” Bank of America Merrill Lynch said in its commodities outlook released last week. The bank reduced its 2015 Brent crude oil forecast to an average of $77 per barrel and WTI forecast to $72 per barrel. Against the backdrop of falling prices, global oil supply and demand will likely stay in balance next year, according to the […]