Strong rise in oil prices is “idiotic”. This word described the recent turmoil in commodity markets Mikhail Leontiev, a spokesman for the oil company Rosneft.
In recent days the exchange rate of crude oil went up strongly, reaching the level of $ 34 per barrel. The pretext for growth has become the information that Saudi Arabia has proposed reducing Russia’s oil production by 5 percent. So said the Russian minister. Energy Aleksander Nowak. He added that Russia is ready to coordinate oil production from OPEC.
As reported by Bloomberg, the meeting between Russia and OPEC has not yet been scheduled. – If Russia and Saudi Arabia come to some common agreement on cutting the supply of oil, it will do so only poorly for oil from Iran, which will take place – says Angus Nicholson, an analyst at IG Ltd. in Melbourne. He added that the current rise in oil prices will not stretch long.
As writes “The Financial Times”, in response to the reports, as well as increases in oil prices spokesman for the Russian company Rosneft Mikhail Leontiev said that the jump course there is no justification . He said that the current rally in raw material prices is “idiotic”. He added that nothing happened that would change the situation, and talks between Russia and OPEC continues to date.
Russia for many months to suffer from the decline in oil prices on world markets. Exports of raw materials constitutes the main source of income in the Russian box office. Meanwhile, according to estimates OPEC oil price drop of one dollar automatically mean a shortage of $ 3,000,000 in the budget of Russia.
– Low oil prices have a negative impact on the situation of Russia, because the revenues of that country are largely based on the export of raw material. In addition, the budget of Russia was seriously burdened with the involvement of the state in conflict in Ukraine. So if oil prices remain longer in around current levels, this means for the Russian state in big trouble – comments for money.pl Dorothy Sierakowska, raw material market expert BOS brokerage house.
The International Monetary Fund reports that in 2016 year Russia will struggle with recession and GDP will fall by another percentage. The country has a chance to go out “a plus” at the earliest in 2017.
| forecast of GDP growth for Russia ( percent. y / y) | ||
|---|---|---|
| Authority | 2015 | 2016 |
| Russia, Ministry of Economic Affairs | -3.3 | 2 |
| The International Monetary Fund | 3.8 | -1.1 |
| Deutsche Bank | -3.2 | 0.4 |
Source: money.pl on the basis of those institutions and Bloomberg.
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