The ruble accelerated the decline to major foreign currencies amid cheaper oil, according to the Moscow Exchange.
Thus, the euro exchange rate “tomorrow” at 10:21 (Moscow time) grew by 1.52 rubles – up to 82.97 (minutes earlier reached 83.06 rubles), the dollar rose by 1.54 rubles to 75.94.
July futures for Brent crude oil fell 1.25% to 26.11 dollars per barrel.
The situation with oil prices and exchange rates
Oil quotes plummeted in early March amid a significant reduction in demand around the world due to the coronavirus pandemic, as well as after the collapse of the OPEC + deal, when its participants were unable to agree to either extend the agreement to reduce production or change its parameters. As a result, prices fell by more than two times.
Quotes were later restored on the eve of a new OPEC + meeting. As a result, on April 12, the member countries of the organization agreed to reduce production by 9.7 million barrels per day in May-June, by 7.7 million in the second half of the year and by 5.8 million further until the end of April 2022.
However, according to the International Energy Agency, the OPEC + agreement, which entered into force on May 1, is not able to compensate for the drop in global demand. Experts note that the decline in production may not be enough given the demand that has declined due to the pandemic: the decline is estimated at about 30 million barrels per day.