Russia average oil price forecast 2012

Russia average oil price forecast 2012 : Russia's economy ministry raised its 2012 average oil price forecast to $115 per barrel from a previous estimate of $100 per barrel, Economy Minister Elvira Nabiullina said on Tuesday.

"We expect oil prices to fall," Nabiullina said, adding the ministry's forecast for the next two years was unchanged.

The ministry had initially envisaged a budget deficit of 1.5 percent of gross domestic product (GDP) in 2012, while analysts say that Russia could balance the budget this year with an average oil price of around $118-$120 per barrel.

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