The economic development Ministry believes the price of oil to $10 per barrel likely scenario

The economic development Ministry believes the price of oil to $10 per barrel likely scenario


KRASNOYARSK, February 19. The economic development Ministry believes the price of oil to $10 per barrel likely scenario for 2016, told reporters on the sidelines of the Krasnoyarsk economic forum, Deputy Minister Oleg Fomichev.

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At the same time, the Ministry of energy predicts that the decrease of stocks in the market will lead to a rise in the price of oil, the objective level of $40-50 per barrel.

According to Deputy energy Minister Kirill Molodtsov, this price is really justified by the market, “and not futures, not speculation opportunities”.

The Federal budget for 2016 is also drawn up based on oil prices at $50 a barrel.

Earlier it was reported that the Minister of energy Alexander Novak attended a meeting with representatives of member countries of OPEC. Russia, Saudi Arabia, Qatar and Venezuela following talks in Doha said that they are ready to save, on average, in 2016 oil production at the level of January of the current year, if other countries-oil producers will join this initiative.

The plan of support of economy

A number of programs of support of economy of the Russian Federation will be financed through additional revenues. The source of such income is determined, said Oleg Fomichev.

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“The understanding is that it will be at the sources, it is necessary to look for them in additional budget revenues in the course of its execution. There are many variants of these revenues, but specifically not ready to say,” he said.

On 18 February the government once again postponed for revision of the plan to support the economy in 2016, the most controversial are those items which require additional funding from the budget.

The total amount of financing of actions included in the plan to support the economy, amounts to 880 billion roubles, including 250 billion rubles will be taken from the Unallocated reserves of the budget.

Unlike anti-crisis plan for 2015, the Russian government this time refused to provide massive support of the banking system, the priority now became the real sector and export development.