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Oil, Inflation Forecasts Rise

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)

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