At the same time, Ministry of Economic Development predicts a gradual decline in oil prices in 2018.

The average price of the Urals-brand crude oil totaled 52.17 dollars per barrel from January to November 2017, according to a report by the Russian Ministry of Finance published on December 1.

In the corresponding period of the previous year, the average price of a barrel of the Urals-brand crude oil stood at 41.02 dollar. As such, on an annualized basis, for the first 11 months of the current year, the increase in the average price of the Urals oil was 27.2 percent.

The average price of the Urals-brand oil in November 2017 was 61.97 dollars per barrel, which is 1.41 times higher than a year earlier.

The Ministry of Economic Development expects a gradual decline in oil prices in 2018. In the first quarter, this figure is expected to reach USD47 per barrel, and in the fourth quarter some 41.2 dollar. The average cost of a barrel of oil in 2018, according to the Ministry’s estimates, will stand at 43.8 per dollar.

In line with the draft budgetary forecast of the Ministry of Finance mapped out through 2035, the average Brent price of is expected to reach 46.9 per barrel in 2025, and the average ruble exchange at the level of 68 rubles per dollar. Thus, the average price of oil in 2030 is expected to be about 51.7 dollars per barrel. The exchange rate is anticipated to be at 79.2 rubles to a dollar. The 2035 target price of oil in the Ministry of Finance materials stands at 57.1 dollars per barrel at the rate of 84.8 rubles to one dollar.