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Decline of oil price in world market negatively influences Russian economy

10 September 2014 15:50 (UTC +04:00)

Moscow. Farid Akbarov – APA. Decline of oil price in the world market to below $100 a barrel has negatively influenced Russian financial market.

APA’s Moscow correspondent reports that 1$ makes 37.14 rubles, up 11 kopecks. 1€ stood at 48.02 rubles, rising 4 kopecks.

Ukrainian crisis, stagnation in global economy, lag of investments and sanctions and embargos of the Western countries have negatively influenced Russian economy.

Ural oil price fell $96.3 a barrel, while Brent crude is sold for $99.2 a barrel. Increase of oil production in Libya, decrease of demand in China and Europe caused decline of oil price. According to experts, if the oil price falls to $90, Saudi Arabia and OPEC countries can reduce production.

Though a reviving was observed in Russian bourse, the bourse is in the former state. Russia was expecting oil price to be $110 for 2014. According to Reuter’s calculations, $1-decline in oil price causes $1.4 bln-loss for Russian budget.