Russia to recalculate budget at oil price of $50 per bbl in 2015

GORKI, Moscow Region, Feb 16 (PRIME) -- The government will adjust the 2015 budget basing on an oil price of U.S. $50 per barrel in 2015, Russian Prime Minister Dmitry Medvedev said at a meeting with his deputies on Monday.

“We have received a new and let us say very conservative forecast of social and economic development for 2015 prepared by the Economic Development Ministry. It is based on a scenario where an average oil price remains at $50 per barrel. When developing amendments to the budget we will take into account this estimate,” he said.

Although some experts believe that the price will be higher, the government must secure budget sustainability, Medvedev said.

The amendments are likely to be adopted by the State Duma, the parliament’s lower chamber, in March already, he also said.

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