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WASHINGTON, Jan 14 (Reuters) - The Canadian government's expectations for oil revenues are modest and Ottawa will fulfill its promise to balance its budget this year despite the sharp fall in crude prices, Natural Resources Minister Greg Rickford said on Wednesday.
In estimating revenue, the government looks at oil prices over a 20- to 40-year period, he told a news conference, noting that the price of Canadian oil was discounted on the market.
"Our expectations around revenue and its relation to pricing have been very modest," Rickford said. "So declining oil prices will impact the government's flexibility but we will balance the budget in 2015." (Reporting by David Ljunggren; Editing by Peter Galloway)