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Russia has accounted for oil at $40 a barrel in its budget. the country`s Finance Minister Anton Siluanov told CNBC in a TV interview on Friday.
Brent crude was trading above $57 on Friday. but the Russian minister said the budget has taken into account price fluctuations. CNBC reported.
`In order to minimize price fluctuations in foreign markets. we have prepared a budget which is based on a price of $40 a barrel. I think that this is a fairly considered and conservative price. which has been factored in for the next three years.` Siluanov told CNBC in a TV interview on Friday. `Incidentally. our balance of payments on our current account is balanced on a price of $40 a barrel. Therefore. the percentage of the federal budget from oil and gas revenues has gone down from 60% to 40%.`
Oil prices have fluctuated this year. falling below $45 a barrel and going above $59.
But some analysts have predicted prices could go lower. Global stock builds. rising non-OPEC production and sluggish growth in demand could weigh on the oil price. the International Energy Agency said in its report published on Thursday.
Meanwhile. OPEC`s production hit the second highest monthly level this year in September.
`Our challenge is to safeguard our budget. to safeguard the implementation of our obligations with regards outside factors. including a reduction in the price of oil.` Siluanov said.
