Oil fell to $ 59, exporters, OPEC failed to agree

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The fall of oil prices occurred against the background of information that the largest exporters are unable to agree on the volumes of production cuts. On the negative Russian “chips” in red color. The ruble losing about half a percent.
In principle, nothing terrible. Russia’s budget deficit at the cost of black gold at $53 per barrel. For comparison, in Kazakhstan, this requires the price of oil at around $62, in Iran – at $72, in Saudi Arabia – $88. Another thing is that too many “bearish” forecasts for 2019, and they are not without reason.
If exporters do not agree, then $50 per barrel of Brent crude oil could become a reality. It is on the price of oil is guided by long-term forecasts. In this case, the pair dollar/rouble will finish the year at 71-72 RUB.
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Alexander Razuvayev,
The Director of analytical Department,
Alpari