Siluanov: the oil price in 2016 could fall to 30 dollars

Siluanov: the oil price in 2016 could fall to 30 dollars


The situation with the macro-economy is changing not for the better, said the Russian Finance Minister Anton Siluanov at a meeting in Kazan on Saturday.

KAZAN, 12 Dec. The Russian Finance Minister Anton Siluanov did not rule out that oil prices in 2016 will drop to $ 30 per barrel and stated the need to prepare alternative options for action.

“All the evidence suggests that low oil prices will, most likely, next year to dominate. And, it is possible that some periods it will be 30 dollars per barrel. So you need to prepare for difficult times for us,” said Siluanov at a meeting in Kazan on Saturday.

“We didn’t manage to adopt the budget, we see that the macroeconomic situation is changing for the better: the oil price, we budgeted 50 dollars per barrel, now for about 36-37 dollars per barrel. We need now to prepare alternative options for action — what will happen if prices will continue to fall,” he added.