Russian president sees nothing dramatic in declining oil price
Russian President Vladimir Putin says he sees nothing dramatic in the recent declining oil prices.
Speaking to the journalists on the sidelines of the Eastern Economic Forum in the Russian Far Eastern city of Vladivostok, Putin said price fluctuations had already been expected.
His comments came as oil prices fell on Friday amid growing concerns over supply glut as well as dwindling demands in the market.
Brent crude for October LCOc1 fell 20 cents a barrel at $50.48 on Friday. Also, US crude CLc1 declined to $46.45 a barrel.
The sliding crude prices have already taken a heavy toll on Russia’s economy.
Oil is seen as Russia’s main export. The recent price fall has contributed significantly to the decline in the Russian rouble.
Putin said it remained a priority for Russia’s central bank not to burn its foreign exchange reserves.
Meanwhile, Russian presidential aide Andrey Belousov has said that Moscow will base its 2016 budget on oil price at $50 per barrel.
He also said crude prices could plunge below $40 per barrel and beyond, but such falls are expected to be short-lived.
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