Arab Today, arab today russia forecasts 2012 urals oil at 115
Last Updated : GMT 18:20:30
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Arab Today, arab today

Russia forecasts 2012 urals oil at $115

Arab Today, arab today

Arab Today, arab today Russia forecasts 2012 urals oil at $115

Moscow - Ria Novosti

The average price for Russia\'s main crude oil export blend, Urals, will be $115 per barrel in 2012, Economic Development Minister Elvira Nabiullina said on Tuesday, giving Russia a balanced budget despite rising spending. \"We proceed from expectations that oil prices will fall ... so the average oil price this year may be $115,\" Nabiullina said. The Russian budget is based on a Urals price of $100 per barrel in 2012, $97 in 2013 and $101 in 2014. This March Urals oil reached a record level of $122.60 per barrel, Finance Ministry analyst Alexander Sakovich told RIA Novosti on Monday. Last year the average price for the country\'s core oil export blend stood at $109.35 per barrel. Oil prices have been rising for several months amid an EU states\' boycott of oil supplies from Iran. Oil traders are also concerned about the possibility of a future war with Iran as well as wider political instability in the Middle East, including the crisis in Syria. Experts consider oil prices at a level of $110 per barrel this year will help President-elect Vladimir Putin to fulfil his pre-election promises, including support of families with many children, an increase in stipends for students to living-wage level and higher wages for academic staff and teachers.

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