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Russian minister believes crude will not fall below $ 90 per barrel

June 21, 2012, 22:09 UTC+3
Beloussov believes that even if the price stands at around $ 100 per barrel, this will not affect Russia’s federal budget in any way
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Photo ITAR-TASS

Photo ITAR-TASS

St PETERSBURG, June 21 (Itar-Tass) — Averaged annual price of a barrel of crude oil will not fall below $ 90, believes Russia’s Economic Development Andrei Beloussov.

He said it Thursday as he spoke to reporters on the sidelines of the St Petersburg World Economic Forum.

“It’s unlikely that the price will fall below $ 90,” he said. “I mean the averaged annual price. Most likely, we’ll see a figure of around $ 100 upon the end of the year if the positive trend continues.”

At the end of the spring, the Ministry of Economic Development revised its forecast for the averaged annual price upwards to $ 115 per barrel, while now the market quotations keep at around $ 92 per barrel.

Beloussov believes the price will most likely make a rebound and the downward trend will not be a long-term one.

Also, the minister believes that even if the price stands at around $ 100 per barrel, this will not affect Russia’s federal budget in any way, except for a small fall of remittances to the reserve fund.

 

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