Russia expect Oil price to be around 100 $ a barrel in 2012

The price of oil could fall to $80-$90 per barrel by the end of 2012, Deputy Economic Development Minister Andrey Klepach told reporters today.

According to him, there are no reasons for a sharp decline in the oil price. The average annual price for full-year 2012 could come in at about $100/bbl.

The draft 2012 federal budget, submitted by the government to the State Duma on September 30, is based on the assumed average Urals oil price of $100/bbl.

RT