Optimal oil price for Russia’s economy is at least $40/barrel

​The Minister of Energy, A. Novak, said that the optimal oil price for the economy of Russia would be $40-60/barrel.

At such price it would be possible to easily form the budget and develop the oil sector of Russia. According to him, though the failure of yesterday’s negotiations in Qatar upon the freezing of extraction will not have negative consequences for Russia, it will have a negative impact on the price of raw materials and on the oil market in general. However, the oil price might be formed under the influence of market mechanisms, the Minister said.

Experts think that the failure of negotiations in Qatar might lead not only to the reduction of oil price but to the fall of the rouble’s rate. The bank structures of Russia think that the oil price will make up $35-40/barrel due to the failure of negotiations in Doha.