Bloomberg (October 15)
2014/ 10/ 15 by jd in Global News
Vladimir Putin is losing “his best friend: expensive oil.” Petro revenue makes up 70% of Russia’s export revenue and “oil has been the key to Putin’s grip on power since he took over from Boris Yeltsin in 2000, fueling a booming economy that grew 7 percent on average from 2000 to 2008.” To balance its budget, Russia needs a per barrel price of over $100. “At $90, close to the current level, Russia will have a shortfall of 1.2 percent of gross domestic product.”
Tags: Budget, Economy, Exports, GDP, Oil, Power, Putin, Russia, Shortfall, Yeltsin
