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In 2007, Russia produced roughly 9.8 million barrels per day (1.56 Ã10. 6 m 3 /d) of liquids, consumed roughly 2.8 million barrels per day (450 Ã10. 3 m 3 /d) in liquids, and exported (in net) around 7 million barrels per day (1.1 Ã10. 6 m 3 /d). Over 70 percent of Russian oil production was exported, while the remaining 30 percent was refined locally.
Russia is planning for oil to trade between $40 and $60 per barrel over the next seven years. Its 2016 budget is based on an oil price of $50 per barrel, Siluanov said. Therefore, we must be prepared for difficult times, he was quoted as saying. Russia is forecasting its budget deficit to rise to 3% of GDP in 2016.