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Opec be warned: Russia prepares for oil at $40

Its 65% plunge in 2014, 2015 forced an emergency rate increase and pushed Russia into recession

Ksenia Galouchko | Bloomberg 

Perhaps the Bank of Russia knows something the world doesn’t. As the Organisation of Petroleum Exporting Countries and its allies prepare to meet for a review of their production cuts this weekend, the central bank of the world’s biggest energy exporter is hunkering down for years of oil near $40 a barrel. While analysts in a Bloomberg survey see the price of benchmark Brent crude — which trades at a small premium to Russia’s Urals export blend — rising 16 per cent from current levels by the end of the year, oil’s 10 per cent decline in March ...

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First Published: Sat, March 25 2017. 23:42 IST