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Today is Wednesday 13th January 2016 and we are briefly covering the issue of the recent Slump in oil prices and its effect on Russia.

Yesterday we produced a video highlighting that Brent Crude fell as low as $30.43 a barrel and that we expected it to fall further. Well today it actually fell below the $30 mark to $29.96 and marginally recovered to $30.22. With oil prices now having fallen some 70% over the past 15 months we ask what sort of effect has this had on Russia?

Taxes from oil and gas represent approximately 50% of the Russians Government revenue. It is believed by many, that knowing this, Saudi Arabia and the Western powers are deliberately reducing oil prices in order to punish Russia where perhaps sanctions have only had a limited effect.

Whether this is the case or not, it is no secret, that officials in the Kremlin are extremely worried. Dimitry Medvedev, Russia’s Prime Minister warned today, that falling oil prices could force his country to revise its 2016 budget which incidentally was only announced last October but was based on a $50 a barrel oil price.
Reuters have reported that Government departments have been ordered to cut spending by 10% for the second year running. The Russian Minister of Finance has said that their new budget should be revised to assume an oil price of $40 a barrel. While the Economy Minister warned that Russia faced a long period of low commodity prices with oil at $15 or $20 a barrel. In fact the BBC has quoted him as saying today “The biggest risk is that there will be low prices for a long time – that is for years, for decades”.

Please view our other more recent videos:

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