MOSCOW (Reuters) – Russia forecast on Thursday that oil prices would remain flat in real terms through to 2030, taking a more bullish view than many independent forecasters who expect an exploration revolution to deliver ample supply and depress prices. After taking inflation into account, the price of crude oil and other commodities will remain roughly unchanged over the period, the government said in its revised long-term forecast for Russia’s $2 trillion economy. Expressed in 2010 dollars, making prices comparable over time, the average cost of a barrel of oil would be in a range of $90-$110. In nominal terms – or the money of the day – crude is seen rising to $160-$170 per barrel by 2030, said the forecast, which cited “worsening production conditions and increased demand from developing countries”. The price forecast by Russia, the world’s leading oil producer, is more bullish than expectations of a […]