Russia Must Cut Break-Even Oil Price to $80, Citigroup Says

Russia must lower the average oil price it needs to balance the budget by more than 30 percent to attract investors and reduce risk, according to Citigroup Inc.

“It’s not impossible,” Kingsmill Bond, chief strategist at Citigroup Inc. in Moscow, said in an interview today. “It would massively reduce risks for Russia, and actually Russia will truly become one of the world’s most attractive markets.”