Russia is satisfied with current oil price, including the premium of Urals to Brent, said Russian energy Minister Alexander Novak in an interview with Bloomberg TV. “As for prices, our budget was formed this year at a price of $42 per barrel of Urals oil. Today, given that the premium to Brent is a small amount in price, we are now about at the level where our budget balanced,” he said, The Times Hub reporrts.
The Minister recalled that any excess of the actual price over that which is budgeted, allows you to transfer funds to the reserve Fund.
But, on the other hand, very high prices – this is also bad because it greatly reduces the demand for energy, attracts industry investment is inefficient and leads to the formation of a new crisis”, – said Novak. He noted that the forecast of socio-economic development plan until 2035, Russia felt comfortable price of $50 per barrel, “these prices can be taken as the basis for balancing”.
