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Commodities Briefing - Categorized | Oil, Price Watch more

Why higher oil prices should worry Russia

Posted on 02 September 2013

The Economic Development Ministry lowered its projections for Russia’s economy, downgrading growth to only 1.8 percent for 2013. But the Urals crude has traded above its forecasts this year, and higher oil prices could provide an economic boost since oil and gas account for roughly 75 percent of Russia’s exports and almost half of its budget revenue. The worrisome question is what happens beyond this year.
The latest oil price increase was triggered by fears of a U.S. missile strike on Syria, but even if it doesn’t occur, the region will remain turbulent and the risk premium, which has pushed oil prices to a five-year high, will endure. Potential supply disruptions are attracting speculators, who are flush with liquidity provided by major central banks, especially the U.S. Federal Reserve………………………………………..Full Article: Source


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