According to the recently published OPEC forecast, if oil exporters managed to survive this year, next year they are likely going to face a financial disaster. The cartel predicts that late 2015 is going to be the time of slightly higher demand for crude oil, which may slightly support oil prices and even let them recover a little. However, early 2016 is going to be the time when the demand crashes, which may result in serious financial difficulties for major oil exporters with economies heavily dependent on oil exports (like Russia, for example).
According to the information published by The Wall Street Journal, Iran, Iraq and Saudi Arabia are going to cut their oil prices next month. Experts say this is a forced step since lower prices are required to preserve their share of the Asian market.
In particular, we should pay attention to the fact that Goldman Sachs analysts already predict ultra-low oil prices around $20/b at some point in the near future. This is a prediction for 2016 rather than 2015.
It is common knowledge that the Russian economy heavily depends on the export of crude oil and natural gas. Based on the current situation in the global market of crude oil, the international expert community sure that if the price of crude oil goes below $22,5 per barrel, the Russian economy and financial system will crash.