The Russian government Monday said the domestic economy could withstand oil prices falling to $25-$30/b and that Russia would maintain its share of the global oil market after the ruble hit a four-year low against the dollar. Oil prices plunged around 30% as trading opened in Asia on Monday in response to OPEC and Russia’s failure to reach a deal on production cuts. The drop caused the Russian ruble to fall to 75 to the dollar, the lowest since March 2016. Despite a public holiday in Russia, the finance ministry released a statement, saying it would sell foreign exchange reserves to mitigate the drop in the oil price and support the ruble. “These funds are sufficient to cover the shortfall in income from oil prices falling to $25-$30/b for six to 10 years,” the ministry’s […]