Friday, November 28, 2014

Economy Minister Says Russia Will Cut 2015 Oil Price Forecast

Economy Minister Alexei Ulyukayev said Friday that the government would cut its oil price forecast for 2015, as oil prices continued their slide after OPEC's decision not to cut output; but he declined to give a number. The oil price has slumped from nearly $115 per barrel in June to just above $70 now. Russia needs the oil price to be around $100 per barrel to balance its budget.
"This would be downward [the forecast adjustment,] of course. I won't tell you by how much," Ulyukayev said. Russia's government has forecast oil at $100 per barrel for its 2015-2017 budget, down from an estimate for an average of $105 this year.
see article in:Russian economy
INC News, 28/11/2014

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