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Oil producers need higher oil prices – Fitch

This year, most of the world's oil-producing countries will not be able to achieve a balanced budget with current oil prices, according to the international rating agency Fitch Ratings.

Kuwait is in the best position - in order to ensure that budget revenues coincide with expenditures, the country needs that the average annual Brent prices should be at $45 per barrel. Qatar will need a level of $51 per barrel, the Republic of Congo - $52 per barrel.

For most oil producers the preferred price ranges from $60 to $80 per barrel. For Russia this figure is $72, for Kazakhstan - $71 per barrel.

According to Fitch, Brent crude prices will average $52.5 per barrel.


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