It is unlikely to see oil prices to reach their previous levels of $100 per barrel again, a Russian official said Wednesday, according to the country's news agency Sputnik.
'Now, as you see, there is a new reality. The oil price of $100 per barrel is unlikely to return, it is history,' Russian Finance Minister Anton Siluanov was quoted saying by Sputnik.
Due to low global demand and glut of supply, oil prices fell 60 percent since mid-2014.
While Russia is one of the biggest oil producing and exporting country in the world, because of low oil prices, its economy is affected negatively, since more than half of its revenues are based on income from oil and natural gas exports.
Russian President Vladimir Putin said Tuesday that his country's economy should lower its dependence on oil.
'It is necessary to ensure the balance and sustainability of public finances, significantly reduce the budget's dependence on oil prices,' Putin said during a budget meeting, according to Sputnik.
He stressed that Russia's budget deficit must stand at under 3 percent of the gross domestic product in 2016.
By Ovunc Kutlu
Anadolu Agency
ovunc.kutlu@aa.com.tr