No talk of $100 oil from Russia. In fact the government forecast is for an average price of $50 by 2010 ($54 Nymex).
Feb. 19 (Bloomberg) -- Russia, the world's largest oil producer after Saudi Arabia, cut its forecast for economic growth this year after lowering its estimate for crude prices.
The Economy Ministry forecast today that oil prices will drop to $55 a barrel in 2007 from $61 a barrel. The government calculates its budget according to the price of Urals, Russia's benchmark blend of crude.
Urals is currently trading at about $55 a barrel, a 7 percent discount to futures on the New York Mercantile Exchange. Oil prices will drop further to $53 a barrel in 2008, $52 a barrel in 2009 and $50 in 2010, the Economy Ministry said.
Feb. 19 (Bloomberg) -- Russia, the world's largest oil producer after Saudi Arabia, cut its forecast for economic growth this year after lowering its estimate for crude prices.
The Economy Ministry forecast today that oil prices will drop to $55 a barrel in 2007 from $61 a barrel. The government calculates its budget according to the price of Urals, Russia's benchmark blend of crude.
Urals is currently trading at about $55 a barrel, a 7 percent discount to futures on the New York Mercantile Exchange. Oil prices will drop further to $53 a barrel in 2008, $52 a barrel in 2009 and $50 in 2010, the Economy Ministry said.
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