Mubasher: Russia is ready for oil prices to fall to the level of $40 per barrel, according to Russian finance minister Anton Siluanov.
The minister told CNBC in a recent TV interview that his ministry has accounted for oil at $40 per barrel (pb) in its budget.
It is worth noting that oil prices rose by more than 4% last week, with Brent crude trading above the level of $57, and Nymex exceeding $51 per barrel.
However, the Russian minister said that in order to minimize price fluctuations on foreign markets they have prepared a budget which is based on a price of $40 per barrel (pb).
“I think that this is a fairly considered and conservative price, which has been factored in for the next three years,” CNBC quoted Siluanov.
As the budget has taken into account price fluctuations, the percentage of the federal budget from oil and gas revenues has gone down from 60% to 40%, the minister noted.
