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Kudrin Expects Oil to Hold At $90-$100 Per Barrel Over Next Three Years

Russian Oil WellMOSCOW. June 15 (Interfax) - Russia's Deputy Prime Minister and Finance Minister Alexei Kudrin expects oil prices for 2012-2014 to hold at $90-$100 per barrel.

"We hope to see oil prices for these years (2012-2014) somewhere around $90-$100 per barrel," he said during a discussion on the budget with representatives of the Russian Popular Front on Wednesday in Moscow.

Kudrin added that current oil prices are at a historic high. "They will have to come down, this will happen in a year or two but it will happen. We should always be ready for that," he said.

Kudrin also said that according to forecasts, Russia's gas production in the next ten years will either not increase or grow very lightly, by 1%-2%. Therefore, for the economy to demonstrate stable and high rates of growth, all remaining sectors should expand at a faster pace at over 10% on average and some growing at up to 15% in order to secure 5%-6% average economic growth.

"Achieving high growth rates in the next decade will be much more difficult (than in the previous decade)," he said.

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