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Rising Oil Prices may Double Reserve Fund – Putin

Rising Oil Prices may Double Reserve Fund – Putin

Russian Prime Minister Vladimir Putin said on Tuesday that rise in crude oil may more than double the Reserve Fund by the end of 2011.

“The Reserve Fund may reach 1.45 trillion rubles ($50 billion) by the end of this year if the crude price stands at $93 per barrel,” Putin said at a meeting on Russia’s socioeconomic development forecast for the period until 2030.

It is necessary in Russia to avoid the excessive growth of natural monopolies’ tariffs, Putin added.

“We need to find a balance between the plans to modernize the infrastructure and capabilities of our consumers”, he said.

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