Some countries benefit from having oil as a cheaper input, but Russia is not one of them. Russia is the second largest exporter of oil selling 7.2 million bpd in global markets, which equates to about 45% of Russia’s budget revenues. Deutche Bank has calculated the breakeven price for Russia’s fiscal situation at an oil price at $102/bbl.
Crude Oil: A Problem For Putin’s Russia
Infographic source: RadioFreeEurope