Economy Ministry Not Going To Reconsider Its Forecasts For Oil Prices

The Russian Economy Ministry is not going to reconsider its forecasts for oil prices in 2002, Deputy Economy Minister Arkady Dvorkovich announced at a meeting with journalists today. He recalled that the pessimistic scenario stipulates oil prices at a level of $18.5 per barrel next year. They will reach $23.5 according to the optimistic scenario. The official believes oil prices will not drop below $18.5 per barrel next year. Commenting on the future reduction in Russia's oil exports by 50,000 barrels a day, Dvorkovich stressed that this factor will be influencing the Russian oil industry for a maximum of one or two quarters.