Friday, Dec 19, 2008
Russia's oil-fired economic miracle is unraveling as industry shrinks and job losses mount. Now the
wsj: Oil's Crash Stirs Unrest in Russia as Slump Hits Home
Gloom deepened over the outlook for oil-export revenue, Russia's main earner, as prices plunged Thursday despite OPEC's move this week to deeply cut production. Oil hit a 4½ year low on anxiety about falling global demand, with crude closing at $36.22 a barrel in New York, down $3.84. This could spell trouble for Russia, which has pegged its 2009 budget on much higher oil prices, meaning it will have to trim spending.
Posted by chris @ 03:19 AM (163 views) Add Comment
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