OPEC+’s decision to continue reducing oil production in 2024 in accordance with the parameters set in June 2023 will have a positive impact on the ruble exchange rate. This opinion was expressed by Sovcombank’s chief analyst Mikhail Vasiliev in a conversation with socialbites.ca.
“The OPEC+ decision will support Russia’s export earnings and foreign exchange earnings flows; This is a positive development in terms of the ruble exchange rate and inflation. Sustaining export earnings will support the Russian economy, the profits of oil companies and related industries, and support employment and incomes of citizens. The analyst noted that the ruble exchange rate will remain stable in the range of 85-90 rubles per dollar in the coming months.
According to the agreements agreed among OPEC + countries on November 30, Russia will reduce its oil exports to the world market by 300 thousand barrels per day and oil products by 200 thousand barrels per day. Saudi Arabia will continue to reduce its oil production by 1 million barrels per day, and some alliance countries, including Iraq, Oman and Kazakhstan, will continue to reduce its oil production by a total of 700 thousand barrels per day.
What will the OPEC+ decision lead to and how will it affect Russia? material “Newspapers.Ru”.
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