18:31 GMT18 June 2021
Listen Live
    Get short URL

    The Russian finance minister predicted further decline in oil prices.

    Venezuela’s President Nicolas Maduro
    © AP Photo / Ariana Cubillos
    MOSCOW (Sputnik) — Oil prices are due to continue declining in the near future, given that the production will not decrease, Russian Finance Minister Anton Siluanov said Wednesday.

    "We see that no one reduces the production of oil, and, most likely, we will soon observe further decline in oil prices," Siluanov said.

    On Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) stated that its Reference Basket of petroleum blends fell in value by 4.88 percent, reaching the same level as on October 1, 2003, or $27.07 per barrel, majorly due to prolonged global oversupply and the OPEC unwillingness to cut production out of fear of losing market share.

    The Russian budget has not adapted itself to the slumping oil prices, so the country’s government will have to make decisions to change the budget policy, Siluanov said.

    "I want to say that in current conditions enterprises and the private sector have largely adapted to the new conditions, but the budget, the state companies, the state sector are yet to adapt to those conditions," Siluanov said at the Gaidar Forum.

    "We are yet to take a whole number of decisions to change the budget policies," the minister added.


    Obama: US Should Change Way It Manages Oil, Coal Resources
    WTI Crude Oil Price Stumbles Below $30 Per Barrel
    Iraq’s Economy Faces ‘Double Shock’ From Daesh Attacks, Oil Prices Drop
    OPEC High Output Strategy Working, Reducing Non-OPEC Oil Production
    Oil, budget, Anton Siluanov, Russia
    Community standardsDiscussion