German Gref said exchange-based oil trading in Russia will be launched in 2007.
"Next year, the exchange will be launched. I think it will contain the whole range of products - both dark and light oil products," he said.
Russian President Vladimir Putin suggested setting up an oil and oil product exchange in St. Petersburg at a meeting with the city's governor in early October.
"I believe that it would be a landmark event for the whole of Russia and for St. Petersburg," the president said.
On domestic natural gas supplies, Gref said the price was likely to almost double from the current $45.30 per 1,000 cubic meters by 2010. However, the price would remain well below the current export price of Russia's gas to Europe, which averages at around $230.
"By the end of the decade, the gas price should be $90," the economics minister said.
The minister said Russia's gross domestic product had risen 6.8% in January-October 2006, and that GDP growth from October 2005 to October 2006 was 8.2%.
On inflation, the minister said the figure would not exceed the national target of 9%.
"According to the current dynamics, we are keeping to the 9% inflation index," he told journalists.
The economic development and trade minister said Russia retains the right to put quotas on meat imports from the United States after 2009.
Russia and the United States signed a bilateral agreement on Russia's entry to the World Trade Organization in Hanoi on the weekend, capping several years of negotiations in which U.S. meat imports proved a major stumbling block.
