"In view of the current situation, the assessment of the average Urals oil price for the year 2016 has been adjusted at $41.8 per barrel, and the average annual rate of the ruble to the US dollar at 67.1 rubles per US dollar," the statement read.
In its previous forecast, the ministry said that Urals would average at $41 per barrel while the US dollar exchange rate would be at 67.5 rubles.
According to the Central Bank statistics, the exchange rate of the Russian national currency amounted to some 67 rubles per dollar in the summer while in October it dropped to 62 rubles.
Russian Economic Development Ministry also has improved the 2016 GDP decline forecast from 0.6 percent to 0.5 percent in the wake of improvement of oil prices forecast.
"As a result, the rate of the GDP growth has been improved on the basis of the operational data for November on basic economic industries… the growth rate of the GDP for 2016 has been improved to minus 0.5 percent," the documents said.
The ministry has also improved the 2016 inflation rate forecast from 5.8 percent to 5.6 percent.
"As a result of an intense ruble strengthening and continued low consumer demand, the 2016 consumer inflation rate will amount to 5.6 percent, which is less than the official forecast figure," the ministry said.
