Russia’s currency is tanking after OPEC declined to cut production to support oil prices on Thursday.
In early trading the rouble briefly touched a new record low of 50 roubles to the dollar, before bouncing back. However, it now look to be on its way back across that threshold:
On Friday Alexei Ulyukayev, the Russian economic development minister, announced that official forecasts of the oil price for 2015 will be reduced following OPEC’s decision.
Independent Russian news service Interfax quotes Ulyukayev as saying:
“The rationale of equilibrium prices is complicated. It is very likely that [the price] will be closer to $US80 a barrel next year, but it not possible to know for certain, so we must be prepared for any eventuality.”