Russia Lowers Oil Forecast To 50 Dollars Per Barrel

[Purveyor]

Moscow - The Russian Finance Ministry on Wednesday cut its oil forecast to 50 dollars per barrel for next year as the global financial crisis drags down demand for the country's largest export.

'This is substantially lower than what has been fixed in the budget,' Finance Minister Alexei Kudrin told lawmakers in a televised meeting. The federal budget was pegged to a price of oil of 95 dollars for 2009, one of the world's highest forecasts among oil exporting countries.

Kudrin said the shortfall would be compensated with funds from the 135-billion-dollar reserve fund which had been created for the purpose by the state to insure against a drop in oil prices.

MORE...

http://www.monstersandcritics.com/news/business/news/article_1442594.php/Russia_lowers_oil_forecast_to_50_dollars_per_barrel_

[BootinUp]

1. I think they'll be lucky to average 50

next year.