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But for all the turmoil in oil markets, not all petrostates are panicking. Although big producers, from Saudi Arabia to Russia, rely on high crude prices to balance their budgets, the price hasn't dropped low enough, or long enough, to fiscally squeeze them just yet.
Russia could feel the pain next. Oil far outweighs gas in Russia's energy-export mix, but Moscow's budget is predicated on Brent crude prices north of $100 a barrel. What's more, Russia's economy has also been battered by Western sanctions in the wake of the Ukrainian crisis, leading to ruble flight, slumping markets, higher interest rates, and slashed growth forecasts.
Now, falling oil prices have Russian policymakers worried: One former finance minister said cheaper oil could punch a $30 billion to $40 billion hole in Russian revenues. The Russian Central Bank, meanwhile, is scrambling to prepare for oil prices as low as $60 a barrel, Reuters reported. Russia's current finance minister said Thursday that cheaper oil is a huge risk to its wobbly economy.