MOSCOW, December 8. The rouble exchange rate somewhat overvalued and may continue declining. The Bank Sberbank CIB leads the Agency Bloomberg.
The ruble is falling and growth
About what will happen to the ruble, according to experts – read in the special
According to analysts of Bank, the Russian currency may continue to decline up to 70-75 rubles per dollar. In this case, the quotation of dollar RTS index of about 800 points is fair, according to Sberbank CIB.
The day before the RTS index fell below 800 points for the first time since October 6 after the fall of the ruble due to sharply falling oil prices. So, the dollar jumped 7 December at 1.36% 69,49 mark ruble – highest since August, while the Euro is at 1.31% 75,37 ruble – highest since the end of September.
The decline of the ruble occurred after the fall in oil prices. The cost of futures for oil of mark Brent with delivery in January 2016 on the stock exchange ICE in London on 7 December, fell by 5.6% to 40.6 per barrel, which was the lowest since February 2009.
Why falling oil
The reason for this drop of oil was the lack of a coherent OPEC’s decision on quotas following the meeting on 4 December and the persistence of rhetoric, pointing to the desire of OPEC to maintain its market share.
© EPA/HERBERT PFARRHOFER
OPEC decided on the production quotas because of the position of countries that are not members of the organization
According to the results of 168-th meeting in Vienna on 4 December, the Ministers of oil of the OPEC has not taken a clear decision on production quotas because of the position of countries that are not members of the organization.
Currently the volume of oil production by OPEC members is estimated to be 31-32 million barrels/day. The previous quota was 30 million barrels/day. As was stated by the oil Minister of Iraq Adel Abdel Mahdi, a decision on the quotas was not adopted because of the position of countries outside the cartel.
In his opinion, to stabilize oil prices, all countries should set limits on production. Due to the lack of such restrictions, world oil prices fell to their current levels, stated the Minister of oil of Iraq.