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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