Here's where oil needs to be for Russia to break even

Wepublished our 2017 forecastearlier this week. One of our predictions is that Russia is in for a difficult year economically. This is because Russia’s economy depends significantly on oil. The price of oil in 2016 has averaged roughly $43 a barrel. That’s a far cry from two years ago, when it was more than double. According to Russia’s Federal Customs Service, oil-export revenue accounts for 26 percent of total revenue from Russian exports. For an economy with exports making up almost 30 ...