Moscow. November 23. The dollar at auction Moscow stock exchange for the first time since November 16 exceeded 66 rubles amid renewed fall in oil prices.
The US dollar was worth 66,073 rubles/$1 at 12:48, which is 1.32 ruble higher closing level Friday. The Euro by this time amounted to $ 70,255 rubles/EUR1, adding also 1.32 ruble. The value of the currency basket ($0.55 and EUR0,45) rose by 1.32 ruble to ruble 67,955.
A noticeable retreat of the ruble is due to the sharp drop in world oil prices, observed Monday morning, which in turn reacted negatively to the forecasts of the Minister of oil of Venezuela. The cost of the January futures for Brent crude on London’s ICE Futures exchange at 12:48 Moscow time fell by 2.22% to $43,67 per barrel. Futures price for WTI crude oil for January in electronic trading on the new York Mercantile exchange (NYMEX) decreased by this time by 3.1% to $40,6 per barrel.
The Minister of oil of Venezuela, Eulogio del Pino said yesterday that oil prices may fall to about $25 per barrel if OPEC does not take action to stabilize the market. He reported that Venezuela has reached out to the remaining members of the OPEC with an appeal to take measures that would help oil prices to rise to equilibrium level of $88 per barrel. This level of prices would allow the oil producers to cover the costs needed to develop new oil production capacity, he said.
Next OPEC meeting will take place on 4 December. The share of OPEC accounts for 40% of world oil production, oil production by the countries belonging to the organization exceeds the official quota of 30 million barrels per day for 17 consecutive months.