Russia has accounted for oil at $40 a barrel in its budget, the country's finance minister Anton Siluanov told CNBC in a TV interview on Friday.

Brent crude was trading above $57 on Friday, but the Russian minister said that the budget has taken into account price fluctuations.

"In order to minimize price fluctuations on foreign markets we have prepared a budget which is based on a price of forty dollars a barrel. I think that this is a fairly considered and conservative price, which has been factored in for the next three years," Siluanov told CNBC in a TV interview on Friday.

"Incidentally our balance of payments on our current account is balanced on a price of forty dollars a barrel. Therefore, the percentage of the federal budget from oil and gas revenues has gone down from 60 percent to 40 percent."

Oil prices have fluctuated this year, falling below $45 a barrel and going above $59.

But some analysts have predicted prices could go lower. Global stock builds, rising non-OPEC production and sluggish growth in demand could weigh on the oil price, the International Energy Agency (IEA) said in its report published Thursday.

Meanwhile, OPEC's production hit the second highest monthly level this year in September.

"Our challenge is to safeguard our budget, to safeguard the implementation of our obligations with regards outside factors including a reduction in the price of oil," Siluanov said.

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