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Teen solves centuries-old math problem
MOSCOW, Nov. 12 (UPI) -- The Russian finance minister said Wednesday Russia had nearly halved its oil price forecast for the next three years based on current economic conditions.
Finance Minister and Deputy Premier Alexei Kudrin said the oil price forecast for 2009 was $50 per barrel, $45 lower than initial estimates, with price forecasts of $55 for 2010 and $60 for 2011, RIA Novosti reported.
"This is substantially lower than what has been fixed in the budget," he said.
The government Wednesday approved a three-year budget pegged to $95 per barrel in 2009, $90 for 2010 and $88 for 2011, though Kudrin said the deficit would come from a federal reserve fund.
The minister said production of natural resources in Russia is not expected to rise by more than 0.5 percent for oil and 1.9 percent for natural gas through 2018, adding there was little need to adjust estimates after 2011 beyond the $70 threshold.
"If we actively develop new oil and gas fields and invest more in prospecting, then these figures could change, but only after 2018," he said.
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