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Falling oil prices not to affect state budget - Novak

November 29, 2014, 0:15 UTC+3 MOSCOW
According to Novak, the current price quotation has an absolutely market nature, and Russia has no problems with implementing strategic plans for development of the oil industry
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© Michail Metsel/TASS

MOSCOW, November 28 /TASS/. Falling oil prices are unlikely to affect the Russian budget, Russian Energy Minister Alexander Novak said in an interview aired by the NTV news channel on Friday.

“The situation is absolutely not critical and expectable. We believe the market will be adjusted and the current reduction and quotation of the oil prices will have a favorable impact in terms of expensive and inefficient projects that are going to disappear,” Novak told NTV. “We expect the prices to restore at a level of 85-90 U.S. dollars per barrel in the medium term that will be comfortable for gas and oil companies and exporting countries,” the Russian minister said.

According to Novak, the current price quotation has an absolutely market nature, and Russia has no problems with implementing strategic plans for development of the oil industry.

Novak described the currency adjustment situation as predictable.

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