The Finance Ministry proposes oil price of $40 to adjust the budget

The Finance Ministry proposes oil price of $40 to adjust the budget


Now in the Federal budget the average annual price for Urals crude oil in 50 dollars for barrel. Finance Minister Anton Siluanov said that in the first half of 2016 the price of oil could fall below levels at which it rests now, but the second – there is a chance that will start the recovery process.

MOSCOW, 13 Jan. The Finance Ministry proposes to adjust the Federal budget for 2016 based on the average price of oil in 40 dollars for barrel, but you need to be prepared for worst-case scenarios – for example, the price of $ 30 per barrel, said Finance Minister Anton Siluanov. However, he expects the recovery in oil prices in the second half.

Now in the Federal budget the average annual price for Urals crude oil in 50 dollars for barrel. The Russian authorities intend to adjust the budget and adapt it to new realities, primarily to low oil prices.

“Now will determine prognosis. We believe that the average price of oil need to clarify to about 40 dollars per barrel this year. We believe that in the first half of it can be significantly lower — as it is now or even lower, but the second half, we believe, may begin the recovery process,” — said Siluanov to reporters.

“But to be ready need to any changes. Including to 30 (dollars per barrel – ed.) In any case, the measures that we are developing, will be applied to other prospects,” he added.