Russia is bracing for $30 oil in 2016

(cnnmoney) - Russia is planning for oil prices to drop to $30 per barrel in 2016.

The country's top finance official, Anton Siluanov, said the government must be prepared for prices to fall further in 2016 as the global glut grows and new supply -- for example from Iran -- enters the market.

"Everything indicates that low oil prices are likely to dominate next year. And it is possible that at some periods [the oil price] will be $30 per barrel," Siluanov was quoted as saying by Russian state-run news agencies.

That would spell more pain for Russia. Oil and gas exports make up almost half of government revenue.

Oil futures were trading at their lowest level in nearly seven years on Monday, sliding below $35 per barrel. (Full Story)

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