By Andrey Ostroukh
MOSCOW--Russia, one of the world's leading oil producers, will
have to prepare for a drop in crude oil prices after OPEC's
decision to keep its production ceiling unchanged, Russia's economy
minister said Friday, Interfax news agency reported.
The 12-member Organization of Petroleum Exporting Countries
decided Thursday to keep its production ceiling unchanged at 30
million barrels a day, sending Brent crude prices below $72 per
barrel for the first time since mid-2010.
The continued decline in oil prices threatens to weigh further
on Russia's economic growth. The Russian government draws around
50% of its annual revenue from oil and gas exports.
"It is likely that it [an oil price] will be close to $80 per
barrel. But no one can tell that for sure so we need to prepare for
any developments," Alexei Ulyukayev said.
Mr. Ulyukayev also said that his ministry will lower its oil
price forecast.
Russia had initially forecast an average oil price of Urals
crude, which usually trades with a small discount to Brent, at $100
a barrel in 2015.
Write to Andrey Ostroukh at andrey.ostroukh@wsj.com