Translated material
Oil fell below $30 a barrel
The price of North Sea Brent oil on the ICE exchange in London fell below $30 per barrel. At 22:22 Moscow time, the price per barrel was $29.99 per barrel.
Seven minutes later, the price rose to $30.33.
- World oil prices accelerated their decline in late 2015 and early 2016, hitting seven-year lows. The fall in oil prices is considered the main reason for the devaluation of the Russian national currency.
- The budget of the Russian Federation for 2016 is drawn up based on the average annual price for Russian Urals oil of $50 per barrel. Brent quotes are used to set prices for Russian grades of oil.
- On January 13, the Ministry of Finance of the Russian Federation proposed to adjust the budget for 2016 based on the average annual oil price of $40 per barrel. According to the head of the department, Anton Siluanov, oil prices may rise in the second half of the year.