Highlights Sees Russian oil, gas companies cutting budgets by 10%-20% Does not see gas prices going negative for sustained period Moscow — The Russian energy ministry expects the average Urals price to be $35/b in 2020, minister Alexander Novak said in an interview with German daily Handelsblatt published June 20. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Russia’s 2020 budget is based on an oil price of $42/b, officials said previously. Novak said he currently only expects oil services providers, who have been hit hard by Russia’s significant oil production cut under the OPEC+ agreement, to require state support. “We have very flexible taxation for oil producers, dependent on the oil price,” the report quoted Novak as saying. “Our oil companies can continue to produce even when the oil price is low, thanks to reserves and then low taxes.” He added that large Russian […]