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Russian Budget to Receive $128.8 bn at $70/bbl Oil

OIL

The Russian budget is set to receive $129.8 bn at revenues of $70/bbl according to Finance Minister Anton Siluanov.

  • "As regards the Russian Federation, we provided fairly conservative parameters. According to our forecast, the oil price is $70 per barrel, the [exchange] rate is 68 rubles per dollar, and the production volume is about ten million barrels daily. Nevertheless, we plan to receive the amount of oil and gas revenues above eight trillion rubles even at such prices. That is, there is a certain gap provided, which is an extra reserve of the budget," Siluanov said.

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