“Our budget depends very strongly on revenues from the oil industry,” he said. “We don’t have such technologies as Saudi Arabia to cut or boost output quickly, but, in general, we’re working inside the government from the viewpoint of the expediency of such methods.” Exports of crude oil, petroleum products and natural gas accounted for 68 percent of all export revenues for Russia in 2013. Western powers have sanctioned the Russian energy sector in response to Moscow’s reaction to political upheaval in Ukraine last November, which resulted in the former Soviet republic drawing closer to the European Union. Novak said Russian oil output might be curbed by market mechanisms outside the Western sanction regime. All major oil producers, not just Russia, are feeling some impacts from the bear market for crude oil, he […]