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Russian government to use $50 oil forecast to amend budget — PM Medvedev

The forecast of the country’s social and economic development for 2015 is based on the presumption that the average price of oil will remain at the level of $50 per barrel, Russia's PM says

© Viktor Drachev/TASS

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GORKI, February 16. /TASS/. The Russian government will use an oil price forecast of $50 per barrel to amend its 2015 budget, Prime Minister Dmitry Medvedev said at a meeting with vice-premiers on Monday.

"Quite recently, we received a new and quite conservative forecast of the country’s social and economic development for 2015 prepared by the Economic Development Ministry," the premier said.

"The forecast is based on the presumption that the average price of oil will remain at the level of $50 per barrel," Medvedev said.

"We’ll proceed from this estimate when we make adjustments to the budget," the premier said.

The Russian currency slumped by about 50% last year amid a fall in world oil prices, western sanctions and a slowing economy, prompting the government to optimize budget spending.

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