MOSCOW--Russia's finance ministry sees no reasons yet to raise
its forecast for the average oil price for this year, the country's
deputy finance minister said on Friday.
Earlier this year, the finance ministry halved its forecast for
the average price of crude oil to $50 per barrel and said that the
budget, together with a broader economy, will have to adjust to the
new economic reality.
"For now, I don't see reasons for a revision of oil price
forecasts," Maxim Oreshkin told The Wall Street Journal.
Mr. Oreshkin's view contrasts with the economy ministry's
outlook, which, according to Vedomosti daily, sees the average oil
price recovering to $60 per barrel this year and then further to
$80 in 2018. The government is set to publish a new economic
forecast for the next few years in the near future.
Russia's budget and broader economy are heavily dependent on
commodity exports. According to the customs service data, energy
and fuel-related goods accounted for 73.3% of exports in 2014. As
oil prices fall Russia's economy is sliding into contraction, while
the finance ministry is tapping its reserve fund to plug holes in
the budget for the first time since 2009.
Write to Andrey Ostroukh at andrey.ostroukh@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires