Oil Will Not Return To High Price In The Next 3~5 Years.
Alexei Kudrin, Deputy Prime Minister and Minister of finance of Russia, believes that oil will not return to high prices in the last 3 to 5 years. Kudrin said at the Russian Federation Taxation Committee, "there will not be any oil price and demand in the last 3 to 5 years. "
"We will turn to another oil price plan," Kudrin said. He said the reserve fund would last 2 and a half years when the oil price was about $40. He believes that at the same time, the third fiscal year (2011) will "achieve a balance".
He pointed out that the budget from 2010 to 2011 would be roughly the same as the 2009 index. Kudrin believes that in recent years, we must achieve a balance by reducing spending, raising taxes or borrowing.
In addition, Kudrin said that the 2009 budget is based on the average oil price of $41 per barrel, but in fact, oil prices may be lower.
Editor in chief: Xu Qiyun
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