Oil prices drag Russian ruble down (video)
The price of oil plunges after the oil producers' cartel OPEC decided not to cut output at the meeting in Vienna yesterday.
The oil price rapidly dropped when OPEC (extracting 40% of the world oil) decided not to cut output. The decision was announced at a meeting in Vienna.
The organization has decided to keep the output at the current level of 30 million barrels a day and not to manipulate the prices by cutting the output, Secretary General of OPEC Salem el-Badri said. “The price is going down. It does not mean that we need to be hasty and try to do soothing about it,” BBC quotes him.
Brent oil has dropped to almost $72 per barrel ($71.52) soon afterwards. It is 6% less than after the last bidding. It is lower than the previous minimum registered in August 2010.
The Russian rouble exchange rate has reached another historic minimum at Moscow Stock Exchange. The dollar cost 48.65 Russian roubles on the evening of November 27 and the euro went up by 1.21 Russian roubles and reached 60 roubles for the first time in history.
The oil prices have decreased by 30% since June 2014. Russia (not an OPEC member) may decide to cut output to support the barrel price.
Photo: Reuters
