Russia and Global Markets

global benchmark: The ruble has followed movements in the oil price, which rose sharply this week on news that Russia may negotiate output cuts with OPEC, the oil producers' cartel, to ease the oversupply on global markets and lift the cost of crude, according to The Moscow Times. Brent oil, the global benchmark, sold for around $35 per barrel on Friday, up from less than $28 at the start of the week. By Friday mid afternoon the ruble was trading at around 76 to the U.S. dollar — more than ten percent stronger than on Jan. 21 when the currency reached 85.99 to the greenback, its worst since since 1998. Russia budget relies on the energy industry for around half its revenue and is based on an average price of $50 per barrel this year. Reuters news agency quoted him as saying: "We take the position that our oil sector is, to a significant extent, private, and is commercially minded, it is not under the direct control of the state. However, Deputy Prime Minister Arkady Dvorkovich on Friday played down the likelihood of a coordinated cut to oil production, which could stall any price recovery. (news.financializer.com). As reported in the news.