Oil price hits record: USD 34

Oil prices continue falling exacerbating Russia's economic crisis.

15 December 2015 12:08

The Russian economy is slumping as for the first time in 7 years an oil price has fallen to USD 34 per barrel that will significantly complicate the life of the large Russian companies mining for black gold.

At the same time, the ruble rate also has fallen. The official exchange rate in the Central Bank increased by RUB 1.27 with the Russian stock indexes having declined by 1.49%.

The US is considering the possibility of lifting the ban on the oil export that along with the Iran’s return to the world market will only exacerbate Russia’s already very difficult situation actually excluding it from the oil market.