The price is used to calculate expected budget revenues. This year's federal budget was originally based on an oil price of $61 per barrel. But the first two months saw a drop in the price, and the forecast was adjusted downward to $55 per barrel.
"It is still possible that the initial forecast of an average price of $61 per barrel will be met," said Alexander Sakovich, deputy chief of customs tariffs in the Finance Ministry.
The official said that the indicator was $61.24 per barrel for the first half of 2006, and $61.10 for the whole year.
Sakovich said that now that the export duty for oil has been revised to $223.9 per metric ton from August 1, export tax revenues and the average duty for the first nine months of the year could be calculated.
He said the average duty rate was $189.60 per ton in January-September 2006, and would be $189.10 for the same period this year.
"Considering that oil exports are higher this year than last year, we can expect export duty revenues to be the same as last year," Sakovich said.
He added that July-August were key months for calculating budget revenues from export duty payments and that revenues in the remaining four months would be no lower than last year if the oil price was at last year's level of $68.9 per barrel during those two months.
Export duty revenues were 1.202 trillion rubles ($46.2 billion) in 2006. This year's budget with a forecast of $61, the figure is expected to be 1.266 trillion rubles ($48.7 billion).
Finance Minister Alexei Kudrin said late June that the average price of crude oil could stay at an annual average of $61 per barrel in 2007, saying that the country was enjoying peak prices for its Urals blend, which sold at a mere $12 a barrel only a decade ago.
