Will We See $50 Oil Again?

From Bloomberg:

Russia’s economy would slip into recession for one to two years if oil prices fall to $50 a barrel next year and stay at that level, according to the International Monetary Fund.
The worst-case scenario “illustrates the continuing vulnerabilities of the Russian economy” because of its dependence on commodity exports, said Odd Per Brekk, the IMF’s senior representative in Moscow.
Russia will grow 4.3 percent this year and 4.1 percent in 2012, less than previously forecast because of a worsening outlook for oil prices, the Washington-based lender said yesterday in a report. In June, the IMF had estimated growth of 4.8 percent and 4.5 percent.
“We expect a continuation of the fairly tentative recovery in the Russian economy combined with fairly high inflation,” Brekk told a round-table today in Moscow, after the forecast cut. “But even with those downward adjustments, we still consider the risks to be on the down side.”


If the risks to one of the BRICs is to the downsize because of slower growth, what about the rest of this group?
These countries were doing the heavy lifting of growth for the world economy, and now there is some doubt it will continue.
As previously asked on this blog, will we see oil again drop to the $50 to $60 range?