Thursday, April 17, 2014


Drop in oil price from $90 to $85 to leave Russian budget unaffected,Putin believes

Putin is sure Saudi Arabia will not lower oil prices and cause losses to itself only to influence Russia’s situation.

Russian President Vladimir Putin says the drop in oil price from $90 to $85 per barrel will not seriously affect the Russian budget.

“They want badly to bite us. However, the options to do this are limited. However, there may be some impact, though,” the president commented on the issue during his Q&A session on Thursday.

Putin is sure Saudi Arabia will not lower oil prices and cause losses to itself only to influence Russia’s situation.

“I am not sure our Saudi friends would make any abrupt changes (in oil supplies to lower the prices),” the president said.

The president noted the ratio between oil and gas revenues was $191 billion to $28 billion, according to 2013 reports.

He was asked whether it was possible to do harm to Russia's economy by artificially lowering the oil price. “It is possible to attempt,” the president admitted, explaining the consequences for other countries. The price can be seriously influenced only by Saudi Arabia, which potentially is able to increase its oil output, thus lowering the price on the markets. However, the country's budget is calculated proceeding from the price of $85-90 per barrel, and for Russia's budget, it is $90. “If to go lower than $85, Saudi Arabia will lose and have problems itself. For us, the drop from $90 to $85 is not critical,” Putin assured.

He also noted that Russia and Saudi Arabia had good relations, despite their disagreements over Syria.
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