Russia’s economy minister warned that the nation is facing years of oil prices at about $50 as a sluggish global economy ushers in a long cycle of low commodities prices. The world’s largest energy exporter must continue financial support for non-commodities exports to buoy the nation’s shrinking economy, Alexei Ulyukayev told a conference Wednesday in Moscow. Measures to help growth by encouraging local food production are starting to pay off, according to First Deputy Prime Minister Igor Shuvalov. “We have entered a period of low prices for commodities, a long commodities cycle that’s ongoing and that will continue for a number of years,” Ulyukayev said. “I don’t see any sharp slumps but, relatively speaking, the oil price will be $50, $50 plus for years. Faced with the oil-price weakness and sanctions over the crisis in Ukraine, Russian officials are searching for ways to steer the country out of its […]