BRI NEWS Russia can weather low oil prices for up to 10 years

BRI NEWS

Russia can weather low oil prices for up to 10 years

CGTN

16:40, March 12, 2020

Russia's Finance Ministry on Monday proclaimed that the country can manage its revenue shortfall for the next six to 10 years if oil prices drop to a 25-30 U.S. dollars per barrel range thanks to its National Wealth Fund.

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(Photo: VCG)

Liquid funds of Russia's National Wealth Fund (NWF) totaled 10.1 trillion rubles (138.8 billion U.S. dollars) as of March 1, which "guarantees fulfillment of all state obligations and preserved macroeconomic stability with sustainably low oil prices", said the ministry.

"Operations conducted on the open market will offset the decrease of foreign currency flow from exports of oil and petroleum products related to the crude futures drop, stabilizing the exchange rate of the national currency," the ministry said.

Worldwide stock markets took a pounding on Monday as oil plunged 30 percent after an all-out, aggressive price war erupted between the world's biggest producers.


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