Higher oil prices prompted the government to raise its forecasts for 2011 average crude prices and inflation, but its growth estimate was left unchanged and it continues to project a budget deficit.
The Economic Development Ministry said Wednesday that it had raised its forecast for the average 2011 oil price by 30 percent, to $105 per barrel from $81, following a rise on global markets.
Finance Minister Alexei Kudrin told the Duma that the higher oil price assumption would boost oil and gas revenues by 1.14 trillion rubles ($40.37 billion) and non-oil and gas revenues by 301 billion rubles.
(Reuters)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
