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Thursday, 26 April 21:31 (GMT -05:00)



Stock and commodities markets

Kudrin Says Oil Will Cost Under $30/b Over the Next 20 Years


Former Russian Minister of Finance Mikhail Kudrin says that crude oil is going to see the period of ultra-low prices over the next 20 years. One of the most influential and respected Russian financiers specifies that crude oil is not going to cost more than $30 per barrel in the future.
 

 

 

 

Anton Siluanov, who is Mr. Kudrin’s successor, also shares this prediction. During the recent forum in Russia he underlined the importance of changing the budgetary rule that implies replenishing the reserve fund with the money gained from oil exports if the price is $40/b, not $50/b. For those of you who don’t know, the $50/b threshold was introduced back in April 2016. All the excessive profit gained from oil exports should be used to replenish the fund, which will sustain the fund and prevent the Russian Ruble from getting weaker against major currencies.
 

 

Mr. Siluanov believes that the safety cushion can be extended all the way up to 3 more years if handled properly and spend wisely. It’s important to note that if there are no changes made to the reserve funds, it will be exhausted in 2017 if spend at the current pace.  
 

 

 

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Text: Aleksandr Danilchenko
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