Falling oil prices are particularly bad for Russia. A large part of the country’s GDP comes from exporting its vast supply of crude and gas.
So, it is especially surprising that a senior Russian official is predicting that oil will fall again after advancing above $50 recently.
According to the AP, the nation’s finance minister Alexei Kudrin referring to oil prices said, “This is most likely to be a temporary improvement.”
Fortunately for Russia, he may be wrong. Although OPEC did not cut production at its last meeting, it said it would enforce production cuts already in place. That should keep the supply of crude stable....MORE
Tuesday, March 24, 2009
Russia: Oil Prices Are Going Back Down
From 24/7 Wall Street: