A worker checks a pressure gauge at an oil pumping station owned by Rosneft in the Suzunskoye oil field, near Krasnoyarsk, Russia, March 26, 2015. REUTERS/Sergei Karpukhin
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A race to the bottom in oil prices may not have many winners, but Russia is certain it can survive.While the world's biggest energy exporter has made clear it's hunkering down for years of depressed oil prices, "forever" might be a slight exaggeration, according to the head of Russia's second-largest bank.As Russia's future economic plans increasingly converge around crude at that level, Oreshkin says he's baffled by a more bullish turn taken by hedge funds. Bets on rising West Texas Intermediate prices jumped the most this year just as Saudi Arabia and Russia were mustering support for the deal they struck in Vienna last month, U.S. Commodity Futures Trading Commission data show.Oreshkin said Urals at $40 is the "key assumption" that now undergirds all economic policy in Russia, from its monetary stance to public finances.
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