Russia Needs $60 Oil for Stable Recovery in 2011, Kudrin Says

Russia needs oil to average more than $60 a barrel next year to ensure a sustained recovery from its record slump in 2009, Finance Minister Alexei Kudrin said. That’s 21 percent less than this year’s average price.

Russia, the world’s biggest energy exporter, and other emerging markets face a better outlook and less uncertainty than developed economies, Kudrin told reporters late yesterday in Washington, where he’s taking part in the International Monetary Fund’s annual meeting.