As a lot of exported Russian oil and gas is paid for in foreign currency and the government debt is comparatively low, things in Russia are not that bleak despite the falling ruble and oil price, Patrick Young, global markets expert, told RT.
The joke is on a prominent neurosurgeon after he unwisely cracked a funny to ticket staff at Miami International Airport about having explosives. The wisecrack is costing him close to $90,000, after he had to pay for delaying passengers.
Brent crude oil slumped to below $70 on Friday, its lowest level since 2010, after OPEC decided not to cut oil production. Venezuela's Foreign Minister said the group had worse cases to handle, adding that the current slump has partly political grounds.
Russian officials and experts warned that oil prices will remain below $80 per barrel for some time, after OPEC’s decision not to cut output. It will hurt the economies of Russia, Iran, and Venezuela – and deal a blow to shale oil production in the US.
OPEC is not a monolithic organization and it fails to agree on common policy, so it’s unlikely that the upcoming Vienna meeting will become a deciding factor on oil prices, Adrian Salbuchi, International consultant, told RT.
Delegations from Russia, Saudi Arabia, Mexico and Venezuela have met for the first time in such a format for talks in Vienna to discuss rapidly dropping oil prices. The group agreed to monitor prices for a year
Falling oil prices embarrass and make life difficult for countries that depend on oil exports, including Russia and Venezuela, and the US would enjoy making life difficult for them, economist Richard Wolff told RT.