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)