In September 2015, Russia set a new national record for oil production in the post-Soviet era, pumping 10.74 million barrels a day, which is 30,000 barrels more than Russia averaged in March 2015, when it last set an output record.

The Wall Street Journal says increased Russian output is a key reason for the current oversupply of oil worldwide. The newspaper's analysts say expanded Russian oil output is a sign that Moscow won't likely try to join the Organization of the Petroleum Exporting Countries, which would require cutting production, in order to raise the price of oil.

Russian officials have said the federal budget is balanced, so long as the price of a barrel of oil doesn't drop below $50. Nevertheless, that price has been below $50 since late July.

On September 18, the Russian Duma endorsed draft legislation that would temporarily put Russia on a single-year budget, suspending existing budgetary rules in 2016. The government says such measures are necessary because of current economic risks brought about by fluctuations in the ruble's value and the falling price of oil.