Analysts allowed Russia to receive $ 33 billion in revenues due to oil prices and the ruble exchange rate

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The rise in oil prices and the weakening of the ruble may bring an additional $ 33 billion to the Russian budget. This was announced on Friday, February 19, by Bloomberg, citing the investment company Sova Capital.

The publication noted that in 2021, oil prices increased by 25%, so that Russia is currently receiving for Brent crude as much as it has not received since mid-2019. It is emphasized that if its cost remains high enough, the Russian budget will receive 2.3% of the country’s gross domestic product (GDP).

“It is very important to stimulate businesses and consumers, whose disposable income fell last year. Without additional financing, there will be risks that the economic recovery will gradually stop, ”Sova Capital economist Artem Zaigrin told the agency.

Earlier that day, it became known that the cost of Brent oil for April delivery was $ 63.12 per barrel. In turn, the price of WTI crude oil for delivery in March amounted to $ 59.89.

The day before, the head of Gazprom Neft, Alexander Dyukov, said that in the long term, the oil price of $ 45–55 per barrel is stable.

On February 17, the two largest banks on Wall Street predicted a rise in oil prices to $ 100 per barrel. According to analysts, the jump in prices will be caused by the gap between supply and demand. In addition, investment in new production should affect growth.

Earlier, on February 14, Russian Deputy Prime Minister Alexander Novak made a forecast that the average oil price in 2021 would be in the range of $ 45 to $ 60 per barrel.

On January 5, Novak said that oil prices were higher than previously predicted, thanks to stimulus measures in a number of countries and vaccinations against coronavirus. On the same day, the OPEC + countries agreed on the volume of oil production in February and March.