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Economic Development Ministry expects average oil price in 2018 to be $65-70 per barrel

June 04, 14:18 UTC+3 MOSCOW

The ministry’s September forecast included the price of oil at $43.8 per barrel

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© Egor Aleev/TASS

MOSCOW, June 4. /TASS/. The Economic Development Ministry expects the average oil price in 2018 at the level of $65-70 per barrel, head of the ministry Maxim Oreshkin said at a meeting of the State Duma’s Committee on Budget and Taxes.

"Our forecast now comprises the figure of $61.4 per barrel, but taking into account the recent events, you can expect an average oil price level even above this value - in the range of $65 to $70 per barrel," he said.

According to Oreshkin, his ministry’s September forecast included the price of oil at $43.8 per barrel. However, that forecast did not take into account the extension of the OPEC + deal. It was prolongation of this agreement that allowed the ministry "to seriously reconsider the price forecast upward," the minister said.

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