Russia: This years price drop has already cost Russia $100 billion in revenues, and that shortfall means its finance ministry said on Thursday it might have to revise the three-year plan for 2015 to 2017, which is based on a barrel at $100, according to Euro News. While oil companies have been here before and have contingency plans, the value of the rouble affects everyone and ordinary Russians may soon feel even harsher economic effects on their everyday lives. Copyright 2014 euronews More about: Currency Oil market Russia Russia accounts for 11 percent of the worlds oil, but oil and gas combined make up a hefty 50 percent of Russias budget, so price fluctuations have a massive effect on economic planning. Analysts are now wondering how far the price can fall, with many expecting a level at $60 to be tested early next year. Failure by to agree on cuts also meant the rouble fell further against the dollar, and against the euro it is now at an historic low of 60 to the euro for the first time.
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