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$60 Oil Price Enough for Russian Economy Growth

The Russian economy will demonstrate stable growth next year if global oil prices stay above $60 per barrel, Finance Minister Alexei Kudrin said on Sunday

$60 Oil Price Enough for Russian Economy Growth

According to the Russian government's forecast, the price of Russia's Urals oil blend is expected to stay at the level of $75 per barrel in 2010 and 2011 and rise to $78 per barrel in 2012 and to $79 per barrel in 2013.

The government's projections for Russia's federal budget in the next three years are based on the average annual price of $70 per barrel.

According to data of the Russian Finance Ministry, the average price of Urals oil blend was $77.4 per barrel in September 2010 compared with $67.15 per barrel in September 2009.

Source : RIA Novosti