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Russia to base budget planning on fall of oil prices to 60 USD per barrel in 3 years

06 October 2010 15:35 (UTC +04:00)

Baku â€“ APA-Economics. The expected fall of oil prices to 60 U.S. dollars per barrel in the next three years is unlikely to bring Russia National out of balance, Murmansk & Shtokman News reported.

This said the Russian Finance Minister Alexei Kudrin on Wednesday in Moscow in the Federation Council, the parliament’s upper house.

The Finance Minister who is also deputy prime minister confirmed his earlier prediction that "the price per barrel will fall over the next three years to 60 USD". In designing the draft state budget for the years 2011 to 2013 this was taken into account.

This barrel price ensure a balanced budget, Kudrin emphasized. He pointed out that it was based on a barrel price of 70 dollars for next year’s state budget. At the moment the price of oil is slightly above 80 U.S. dollars.

The Norwegian government assumed â€“ in comparison - an oil price of 485 Norwegian Crowners for its budget for next year. At the current rate, this corresponds to around 83 USD.