"I have held several working sessions, where we have discussed common approaches to the forming of the budget… There are different scenarios of our development characteristics. But there is also a common understanding that during the drawing up of the budget it is necessary to rely upon a very conservative, if you will, a pessimistic scenario on the issues related to the factors that generate our budget — it concerns oil prices, prices on other raw materials as well as the sanction restrictions that are still in effect," Medvedev said.
Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid a glut in global oil supply and causing significant problems for oil-producing countries.
Prices have rebounded since January, gaining over 70 percent by May, and reaching $50 per barrel in early June.
