Oil: Russia stands on a barrel 50 dollars medium term (minister)

Moscow (awp / afp) – Russia, still highly dependent on hydrocarbons, a medium-term table on a barrel of oil to 50 dollars, said Tuesday his Minister of Energy Alexander Novak.

"Russia is banking on a rather conservative scenario, we think that in the medium term oil prices will be around 50 dollars" per barrel, said the minister in an interview broadcast on the public channel Rossia 24.

"Our socio-economic development forecasts are based on this price," he said.

Russia's budget for 2019 is based on a price of about $ 42 per barrel, which is a ten-year low, according to Bloomberg.

Oil and gas still account for about half of Russia's budget revenues, despite a desire for diversification.

Moscow has for some years been operating a very strict fiscal and fiscal policy in order to reduce its sensitivity to oil prices.

In recent years, Russia has cooperated with the Organization of the Petroleum Exporting Countries (OPEC), of which it is not a member and of which Saudi Arabia is the leader, to limit the supply, which has allowed a rebound in prices after the collapse of 2014-2015.

The courts had briefly flared up in mid-September after attacks on oil infrastructure in Saudi Arabia but have since strongly resumed amid worries about the health of the global economy.

Brent North Sea crude for December delivery was worth $ 57.80 in London Tuesday, down 0.94% from Monday's close.

afp / rp