"The average price of oil was $61 a barrel in 2006, and could remain unchanged this year," Kudrin said, referring specifically to the price of Urals export crude.
The price was used to draw up Russia's federal budget for this year, but the Economic Development and Trade Ministry in February lowered its estimate to $55 per barrel.
Kudrin said Russia is now enjoying peak prices for its Urals blend, which sold at a mere $12 a barrel only a decade ago. He also said the price is likely to drop to $50 in the next few years.
Russia launched a new export blend, REBCO, on the New York Mercantile Exchange (NYMEX) last October. It is priced $5-6/bbl above Urals and is expected to eventually replace the older blend as Russia's price index used for calculating supply prices, export duties and mineral extraction tax.
