Russia experts expect decline in ruble and price of oil after meeting in Doha
Russian experts believe that the negotiations in Doha will result in a fuel price slump and the depreciation of the ruble as participants have yet to agree on an oil production freeze, as reported by RBC.
"In the short-term for sure, we will see a decrease in oil prices, it was 43 dollars per barrel over the weekend. Of course, it will go down, how much exactly, I can't say, but it is obvious," says the former Deputy Minister of Finance of the Russian Federation, Oleg Vyugin.
According to an expert from the National Energy Security Fund, Igor Yushkov, the reduction in oil prices can occur in several days, but "it is unlikely that they will drop lower than 20 dollars per barrel."
After the negotiations in Doha, the price of oil will fall, but not lower than 30 dollars, believes a senior analyst from Sberbank CIB, Valery Nesterov.
Analysts from Bank of America Merill Lynch and Saxo Bank also predict the price per barrel falling to 30-35 dollars.
The ex-Deputy Minister of Finance of the Russian Federation, Oleg Vyugin, believes that the decrease in oil prices will also lead to a decrease in the ruble’s exchange rate.
Sberbank CIB, in turn, noted earlier that if they don’t agree on freezing oil production in Doha, the dollar will cost 70-75 rubles.
And according to an expert from Zurich Capital Management, the dollar will grow to 68-69 rubles during trading on Monday.
The negotiators in Doha (Qatar) haven't come to agreement on an oil production freeze. The next round of negations will take place after the OPEC Summit which is planned for June.