MOSCOW, October 22 (RIA Novosti) - The Central Bank of Russia has forecast the average price of Urals crude, Russia's benchmark blend, will be $101.5 per barrel in 2008, according to the adjusted state monetary policy draft for 2009-2011.
"The balance of payments will remain stable in 2008, with the average price of Russian oil expected to be $101.5 per barrel," the document said.
According to Russia's Finance Ministry, the average world price for Russia's Urals oil blend rose $23.22 per barrel year-on-year in September to $97.
The government repeatedly raised its forecasts for the average yearly oil price of Urals this year, from the initial $53 per barrel to $74 and on to $86, $92 and $112. The figure is a key indicator for budget revenues.
