Russian Finance Minister Commented on Budgets Outlook Concerning a Fall of Oil Prices
OREANDA-NEWS. Russian Minister of Finance Anton Siluanov said that the state budget is able to pay all expenses even with an oil price of 30 US dollars per barrel, because it is protected from fluctuations in energy prices and is ready for any changes.
“Our budget is protected, reserves are created. Now, even with an oil price of about 30 dollars per barrel (I fantasize), we will finance our expenses for four years without problems,” he said. According to the politician, low oil prices should not be maintained for too long, because “the cost of production on a number of fields, primarily shale fields, is still higher.” The minister called the mark of 42 dollars per barrel as the base cost. “In general, for such a price we balance the budget, and it protects us,” Siluanov explained.Therefore, the Finance Minister does not see the need to stop the purchase of currency in the market under the budget rule due to the fall of the rouble. “The price is 50 dollars per barrel, a little lower. What emergency?” he said, noting that the Central Bank is working as planned, and measures to protect the budget are not needed.