December 1, 2017 / 10:34 AM / 2 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.

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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