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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: John Hunt who wrote (23275)	11/23/1998 5:36:00 AM
From: John Hunt	Read Replies (1) \| Respond to of 116979

Russia sees second devaluation as oil price slumps biz.yahoo.com << Tumbling oil prices have dealt a crushing blow to Russia, in effect handing the petroleum- dependent country its second devaluation in four months. Already reeling from rouble devaluation in August which slashed budget revenues and crippled the country's ability to import goods, Russia lost no time in falling back on its only real ''currency'' -- oil and gas. Exports were immediately cranked up, and last month net oil exports from the whole of the former Soviet Union were higher than at any time since the union broke up at the end of 1991. Last week's renewed price slide has come at the end of a year in which oil prices have been at or near 10 year lows with no reprieve. Economists at Moscow's MFK Renaissance bank said last week that hard currency export earnings from oil and gas would be $15 billion lower this year than last. In 1997, they said, exports of crude oil, oil products, natural gas and petrochemical products were worth $42.5 billion, or 48 percent of total Russian exports worth $88.7 billion. This year, MFK Renaissance forecasts the value of energy sector exports at $28.4 billion, down to some 42 percent of total hard currency export revenues of around $68 billion. .......... >>