Russia is fiscally prepared to cope with a drop in oil prices, Finance Minister ...
MOSCOW - Russia is fiscally prepared to cope with a drop in oil prices, Finance Minister Anton Siluanov said on Thursday, as OPEC tries to convince Moscow to support the market with a deeper output cut in the wake of the coronavirus outbreak.
The Organization of the Petroleum Exporting Countries agreed on Thursday to cut oil output by an extra 1.5 million barrels per day in the second quarter of 2020 to support prices, its largest reduction since the 2008 crisis, but made its action conditional on Russia and others joining in. He said Russia had become less exposed to fluctuations in the oil market, but reducing the country’s reliance on its main export was not something that could be achieved quickly.Russia in 2018 introduced a mechanism designed to shield it from economic consequences such as those seen in 2014 when, along with Western sanctions, falling oil prices hit the economy and the rouble.
Strict budgetary rules stipulate that Russia can only spend funds from its NWF when its reserves exceed 7% of the country’s GDP.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi-Russia alliance under pressure at OPEC meeting, as coronavirus saps oil demandThe energy alliance between Saudi Arabia and Russia will likely come under intense scrutiny at this week's OPEC meeting as the producers discuss how best to cushion the impact of the coronavirus outbreak.
Read more »
German minister moots sanctions on Russia over SyriaGermany has close economic ties with Russia and could use this leverage to press...
Read more »
Turkey troops 'merge with terrorist bases' in Syria, Russia alleges ahead of meeting between leadersRussia accused Turkey of embedding its troops with outlawed militants in Syria's Idlib as both sides accuse their adversaries of plotting chemical attacks.
Read more »
Russia-Turkey talks a last chance to avert Idlib calamityA summit meeting between the Turkish and Russian leaders today in Moscow may be the last chance to work out a deal that avoids further calamity in Syria’s northwest province of Idlib where 3 million people are trapped and suffering.
Read more »
Russia says rebel positions in Syria's Idlib have merged with Turkish army postsRussia's Ministry of Defence said on Wednesday that fortified rebel positio...
Read more »
Russia reinforces Syria before Putin-Erdogan talks - flight and shipping dataRussia is racing to reinforce its troops in Syria by sea and air before talks be...
Read more »