Russian economy ministry sees 2016 average oil price at US$40 per barrel: agencies

[MOSCOW] Russian economy minister Alexei Ulyukayev said on Wednesday his ministry envisages an average oil price of US$40 per barrel this year in its new economic development scenario, Russian news agencies reported.

Oil prices are forecast to rise to US$45 a barrel in 2017 and to US$50 a barrel in 2018, Mr Ulyukayev said. Gross domestic product is seen contracting 0.3 per cent this year, if oil averages US$40 per barrel, he added.

Mr Ulyukayev also said this year's budget was unlikely to be amended until the autumn. Russia has typically amended its annual budget in the spring, before other changes are implemented in autumn.

REUTERS