Source Pravda.Ru

Government Vows To Fulfill Liabilities Despite Possible Fall In Oil Prices

The approval of the 2002 budget draft by the State Duma on the third reading has doubled the government's optimism. Deputy Prime Minister Alexei Kudrin stated gladly that Russia would now have "the most stable forecast for development compared to other countries," and Prime Minister Mikhail Kasyanov promised at a meeting with reporters on December 1 that the government would fulfill all its liabilities even if oil prices drop to $12 per barrel. Nonetheless, despite the increased 'firmness' of the budget, Russia still intends to strive for a 'fair' price for its oil: oil companies should agree on the volume of a reduction in the oil exports in the first quarter of next year at a meeting with the Prime Minister next week. Kasyanov refused to give the exact figures, remarking that the decision is to be made not by the government but by the companies themselves. At any rate, Russia will take into account only its own interests but not recommendations by OPEC, which it does not belong to. Russia is interested in the oil price of $20-25 per barrel, and since according to Kasyanov, the supply currently exceeds the demand, there is potential for a deeper reduction in exports. Nonetheless, even if 'fairness,' as Russia understands it, is not achieved on the oil market, it will not be a disaster for the economy. Changes made in the budget draft before the third reading give the government grounds for a financial maneuver worth 120 billion rubles (about $4 billion). It is a matter of 68 billion rubles (about $2.3 billion) in conditional expenditures (financing of some budget expenditures will be reduced by this sum if the oil price falls to $14 per barrel), as well as the balance at the accounts of the Federal Treasury left for next year, the Izvestia newspaper wrote.

Comments
Capitalism reduced Indonesian cities to infested carcases
Tel Aviv, Jerusalem, capitals and puppets
Tel Aviv, Jerusalem, capitals and puppets
US-led coalition killed more than 9,000 people in Syria since 2014
US-led coalition killed more than 9,000 people in Syria since 2014
US-led coalition killed more than 9,000 people in Syria since 2014
Turkish President Erdogan issues ultimatum to Washington and Brussels
Capitalism reduced Indonesian cities to infested carcases
Russian special services detain Hizb ut-Tahrir members in Crimea
Donbass without militia will be worse than Srebrenica - Putin
Russian scientists find a way to look inside black holes
Russia not pulling out from any international agreements, Putin says
Tel Aviv, Jerusalem, capitals and puppets
Tel Aviv, Jerusalem, capitals and puppets
Tel Aviv, Jerusalem, capitals and puppets
North Korea is not a threat to the US
Russia's S-500 Prometey to nail USA's THAAD to the wall
Putin: Russia will continue spending enough on defence not to be killed
Russia leaves Syria, but USA stays, to spend some more
100th anniversary of Great October Revolution: Celebrating mountain of errors
ISIS threatens to conduct large-scale terrorist attacks in USA for Jerusalem decision