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20151212
As the p[rice of oil may sink below $30 per barrel in 2016, Russia finance minister, Anton Siluanov, says it spells bad news for the Russian economy. He was speaking to finance, treasury and tax officials in Tatarstan, Ekonomichna Pravda reports Dec. 12.

“We have just passed the 2016 budget, based on the price of oil at $50 per barrel. Now the price is down to $36-37 per barrel. You never know what is lying ahead,” Siluanov said.

The price of oil may be down even more due to the overproduction of oil and the entry of Iran on world markets, the official said.

“If one year back anyone would have told us the price would less than $40, we would have had a hearty laugh.

We are to prepare for hard times ahead,” the minister said.

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