A fuel nozzle is pictured at petrol station in Moenchengladbach March 10, 2012. REUTERS/Ina Fassbender
A fuel nozzle is pictured at petrol station in Moenchengladbach March 10, 2012.
Credit: Reuters/Ina Fassbender
(Reuters) - The German government expects low oil prices to boost growth in Europe's biggest economy by 0.2-0.3 percent next year, Der Spiegel magazine reported on Sunday, citing an internal economy ministry memo.
Prices for oil have fallen by around 45 percent to about $60 a barrel since June.
The ministry, reported Der Spiegel, expects oil prices to remain at low levels in the long term and believes they will increase only to about $80 a barrel by 2018.
The memo also stated that Germany would pay some 12 billion euros less to oil producing countries than it did in 2014, a 25 percent reduction, said Der Spiegel.
The ministry declined immediate comment.
The government expects the economy to expand by 1.3 percent next year after predicted growth of 1.2 percent this year.
Arab OPEC producers expect global oil prices to rebound to between $70 and $80 a barrel by the end of next year, they said last week.
(Writing by Madeline Chambers; Editing by Mark Potter)