Owner of the world鈥檚 largest aluminum company Rusal and one of Russia鈥檚 richest businessmen, Oleg Deripaska, believes oil prices could decrease to $18 per barrel, Deripaska said at Krasnoyarsk Economic Forum on Saturday
鈥淭he price of oil could fall to $18 a barrel and the ruble could rise to 100 against the dollar if this happens,鈥� Deripaska was quoted as saying by Russian Daily Kommersant during his speech at the forum.
Stressing that Russia's current difficult economic conditions, due to the low oil prices, will not get 鈥渕uch better鈥� soon, Deripaska said that Russia needs to move on and adapt to the circumstances, accepting that the conditions could get even worse.
Deripaska pointed out that the main concern for the Russian government was currently the draining liquidity of the federal budget and the reduction in the reserve funds.
Russia has around $360 billion in foreign currency reserves, which dropped from some $520 billion since January, 2014 and some $120 billion in two of its reserve funds, down from $160 billion last year.
Oleg Deripaska, is the owner of world鈥檚 largest aluminum company Rusal and is among Russia鈥檚 richest oligarch鈥檚 with an estimated net worth of $3.5 billion, according to Forbes.
By Emre Gurkan Abay in Moscow
Anadolu Agency
gurkan.abay@aa.com.tr
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