Russia may start building up its Reserve Fund in the second half of 2017, Finance Minister Anton Siluanov said January. This would be if oil prices average $50 per barrel and ruble rate remains at current levels, the budget could get additional 1 trillion rubles (£13.5 billion) in oil and gas revenues, resulting in a budget deficit of around 2 percent of gross domestic product in 2017.
Oil is currently at $48.86 per barrel. However, there is concern that OPEC-Saudi Arabia will stop oil production cuts in June. This could start an oil price war. US frakkers have gotten more efficient and are rebuilding production even with prices at $50 per barrel.
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