Energy Ministry assuming oil price of $50/barrel in medium term - Novak
MOSCOW. Oct 8 (Interfax) - The Russian Energy Ministry is assuming an oil price of $50 per barrel in its medium-term strategy, Minister Alexander Novak told the Rossiya 24 TV channel.
"For our strategy, in our socio-economic development forecast we're pretty much going by a fairly conservative scenario. We think that in the medium term oil prices will be in the region of $50 and the socio-economic development forecast was based on that price," he said.
"If prices are higher, as we are seeing today, that means additional opportunities for the economy, additional revenue for the budget additional opportunities to create reserve funds in the event prices fall below $50," he said.