The price hike will push Russia’s export revenues up, a representative of the ministry said.

Axar.az informs, the price of Urals crude oil will amount to $52-53 per barrel in December 2016, a representative of the Economic Development Ministry told TASS Monday. "Russia’s Economic Development Ministry expects the average price of Urals crude oil to be $41.7 per barrel in 2016, and around $52-53 per barrel in December," he said.

The decision of oil-producing nations to cut production was expected, the representative said, adding that the price hike will push Russia’s export revenues up. "Yes, it was expected. The rise in global oil prices, which will follow the OPEC crude production cut, will cause a growth in nominal export yields," he said.