Russian Econ Min wants to raise 2013 average annual oil price forecast from $97 to $105

(Kazan, March 20, Tatar-inform). The Russian Economic Development Ministry has proposed raising the forecast for the average annual Urals crude price for 2013 from $97 per barrel to $105 per barrel, First Deputy Finance Minister Tatyana Nesterenko told reporters, says Interfax.

The Economic Development Ministry will have to provide the Finance Ministry with official proposals regarding the updated forecast for 2013-2016 by April 4. So far, it has only submitted a working estimate to revise the oil price to $105 per barrel in 2013, she said.

"By April 4, the Economic Development Ministry will present an official forecast, and we will recalculate the entire budget on its basis," Nesterenko said.

At this point, the Finance Ministry has no plans to revise the key budget parameters. A hike in oil prices will drive up oil and gas revenues, which will be channeled into the Reserve Fund and which cannot be spent, she said.

For 2012, Urals crude averaged at $110.5 per barrel.