Grin and bear it

摘要

Economics firmly displaced politics as the driving force behind the global oil sector this year. Opec’s Saudi Arabialed decision to abandon 15 years of production policy and leave the oil market to find its own equilibrium is having stark financial consequences for all oil producers. But few have felt the impact so dramatically as Russia, which is sliding into its gravest economic crisis since 1998. A halving in oil prices since the second quarter has pushed the rouble to a record low against the dollar (see p4).