Russia's Central Bank Warns of Prolonged Oil Price Slump

Russia’s central bank issued a warning to the government that oil prices could enter a prolonged slump on the back of higher U.S. and non-OPEC production this year. The warning came earlier this year and was quite likely linked to the multiple forecasts anticipating just such a development. These forecasts, however, are unlikely to prove true, as signaled by the U.S. oil industry itself. Reuters reported the news about the Central Bank of Russia earlier in the week, saying the warning was included in a presentation that Prime Minister Mikhail…