Russia To Keep Oil Price Forecast For Budget Plan Despite Attack In Saudi Arabia- Medvedev

Russia will not change its oil price estimate for budget planning despite the current turmoil on the markets after the attack on Saudi oil facilities, the country's Prime Minister Dmitry Medvedev said Thursday

MOSCOW (UrduPoint News / Sputnik - 19th September, 2019) Russia will not change its oil price estimate for budget planning despite the current turmoil on the markets after the attack on Saudi oil facilities, the country's Prime Minister Dmitry Medvedev said Thursday.

"It is clear that anything could happen, at the moment the market is in turmoil over what happened in Saudi Arabia. So, despite rather high prices for energy resources, we set the cut-off price at $42.4 per barrel of Urals in 2020," the prime minister said.

Since 2018, Russia has been putting any revenues the state collects off oil sales beyond the cut-off price into the National Wealth Fund rather than spending immediately.