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The ruble fell in price due to falling oil prices

The ruble fell in price due to falling oil prices
Photo: pixabay.com

The fall of the ruble in the forex market began on the night of March 9. It happened after the opening of Asian exchanges and trading on the oil market, when the cost of a barrel of oil collapsed immediately by 20% and reached $ 35.

As the "Russian newspaper", the foreign exchange market immediately responded to the situation. By 11:75 Moscow time, the dollar rose to almost 86 rubles, and the euro - to XNUMX rubles.

The fall in oil prices ultimately reached 30% and was a record since 1991. It was caused by the consequences of the collapse of the OPEC deal, which was supposed to further reduce oil production by 1,5 million barrels per day until the end of 2020.

The receipt of such a proposal was influenced by the spread of coronavirus and a significant decrease in oil consumption in China. However, Russia was not ready to reduce production beyond the existing level. This would lead to a halt in production at existing fields.

Experts expect a further decline in oil prices. According to the Ministry of Finance, the Russian budget is protected from such fluctuations, its costs will be financed, even if the cost of a barrel drops to $ 30.

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