Russia’s Economy Ministry Increased Forecast for 2012 Average Oil Price

Reuters Africa reported that Russia’s economy ministry has increased its forecast for 2012 average oil price to $115 per barrel.

As quoted in the market news:

The ministry had initially envisaged a budget deficit of 1.5 percent of gross domestic product (GDP) in 2012, while analysts say that Russia could balance the budget this year with an average oil price of around $118-$120 per barrel.

Click here to read the full Reuters Africa report.