December 1, 2017 / 10:34 AM / 8 months ago

Russian economy ministry to up 2018 oil forecast after OPEC deal

MOSCOW (Reuters) - The Russian economy ministry will increase its oil price forecast for 2018 after OPEC and non-OPEC producers led by Russia had agreed to extend oil output cuts, Economy Minister Maxim Oreshkin said on Friday.

Russian Economy Minister Maxim Oreshkin speaks during an interview at the Reuters Russia Investment Summit in Moscow, Russia September 19, 2017. REUTERS/Grigory Dukor/Files

The ministry will up its 2018 forecast for a barrel of Urals crude oil to above $50 from its previous estimate of $43.8 per barrel, Oreshkin said.

Reporting by Darya Korsunskaya; Writing by Polina Nikolskaya; Editing by Andrey Ostroukh

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