Price of oil at home in 2012, the Russian Finance Minister said

April 16, 2011, 2: 04 am EDT by Halia Pavliva

Updates to add comments by Kudrin from sixth paragraph).

April 16 (Bloomberg) — the Russia, the largest exporter of energy in the world, provides that the price of deliveries of oil on the world market to start to decline next year then that Governments begin to withdraw the stimulus measures, said the Minister of the finance Alexey Koudrine.Oural, the mixture of oil major export of the country, will remain over US $90 per barrel for 12 months to 18 months, Kudrin told a press conference in Washington, D.C., yesterday. The price will probably fall to US $60 per barrel in the next two years and stay at this level for about six months, he said, reiterating a forecast, he did a year ago. "With prices of oil above $110 a barrel, we are already in the area of a slowdown in the global economy,"Kudrin said to journalists. "We expect oil prices to start to decline next year, because the excessive liquidity will be removed from international markets".Export blend Russia, l ' Ural benchmark, rose above US $100 per barrel in February, as unrest in North Africa and the Middle East disturbed some flow of oil. The Monetary Fund International cut its forecast of growth for the United States and the Japan April 11, 2011, citing "key downside risks" associated with oil prices soaring.The Russia budget deficit should be included between 1% and 1.4% of GDP in 2011, said Kudrin. Inflation will be about "7 %" in Russia in 2011, also said Koudrine.Le countries will use the exceptional income from the sale of energy to replace approximately 280 billion rubles ($10 billion) spending of its reserve fundsays Koudrine.Aubaine RevenueThe Government will use part of the oil revenue windfall to avoid some of the loans planned, said Kudrin. It will borrow mainly in the domestic market and approve all decisions in the foreign market for the moment, he said. "If we are able to borrow on the domestic market without rate is significantly higher, we will be borrowing," Kudrin said. "If not, we can use between 200 million and 400 million dollars, more than this, to replace what we planned to borrow in the country.". "Kudrin said that he will resign of the world by the exit of President of the Board of Directors of ZAO Alrosa, minor largest diamond and Chairman of VTB group, second largest bank of the Russie.Medvedev OrderRussian President Dmitry Medvedev, April 2 asked eight senior government officialsincluding Deputy Prime Minister Igor Sechin, who is President of the largest Russian oil company OAO Rosneft, to leave their jobs at State enterprises before July 1. Independent directors should replace to improve transparency, said the President.The Russia do extend to tax relief on shipments of oil field Vankor of OAO Rosneft, largest producer of oil in the country, said Kudrin. The company was authorized to pay a reduced rate on exports of oil from the Vankor field. The measure will expire in May and does extend, he said.

-Editor in Chief: Reinie Booysen, Jim McDonald

To contact the reporter on this story: Halia Pavliva in Washington to hpavliva@bloomberg.net

To contact the editor responsible for this story: Paul Tighe at the ptighe@bloomberg.net

View the original article here

This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.