By Business Day Online
Costs of the three weeks old price and volume wars in the global oil market are growing for both Russia and Saudi Arabia, countries with bigger fiscal and financial buffers than Nigeria does.
Russia’s revenues from oil and gas are estimated to be US$39.5 billion (3 trillion rubles) lower than planned due to the tumbling oil prices, according to Anton Siluanov, Russia’s minister of finance. This means that at the current oil prices, of below $30 a barrel, the Russian economy will tip into a defic...
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