Russia Macro Monthly September 2019

Summary:

Beneficiary of oil spike. Russia is a beneficiary of the oil price spike following the Saudi attack. But this type of event tends to have a short-lived impact, although it should add to factors supporting Brent close to, if not above, US$60/bbl through winter. Given the budget will break even at US$49/bbl this year, this price average will ensure another big surplus.

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