Russia's finance minister sees fair oil price for 2018 at $60

Russia's finance minister sees fair oil price for 2018 at $60

The fair oil price for 2018 stands at about $60 per barrel, Russia's Finance Minister Anton Siluanov said during a lecture in a university.

"We currently see a balanced price for the budget at about $60 per barrel. We are setting the target of attaining a balanced budget by 2019 on the primary level with the oil price at $40 per barrel," Siluanov said.

The minister added that a $40 oil price would affect only the amount of Russia’s budget reserve allocations, Prime agency reported.

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