Russia can balance its budget at an oil price of $82 per barrel, Finance Minister Anton Siluanov said on Wednesday.
This year’s budget is based on an oil price of $50 per barrel, but Brent, the global benchmark, was trading at just $31 on Wednesday.
“Our budget will be balanced when the price is $82 per barrel so there are still a lot of decisions to be made when it comes to budget policy,” Siluanov said.
He said that last year’s budget deficit was around 2.6 percent of gross domestic product.
