Plunging Oil Prices Could Push Russia Into a Great Depression

By Markets Fool.com

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It's no exaggeration to say that Russia is in the midst of a significant economic downturn -- so significant, in fact, that it wouldn't be shocking if the Eurasian country were to experience the first great depression of the 21st century.

Russia's problems stem from the recent drop in oil prices. Since the middle of last year, the price for a barrel of crude oil has plunged by more than half.

The culprit? According to widely circulated reports, OPEC has decided to maintain production at an abnormally high level relative to demand to reduce prices and, by doing so, drive out newer and more expensive sources of supply.

The net result is that countries like Russia, which rely heavily on energy exports to fuel economic growth, have been caught in the crosshairs. To learn more about how this is wreaking havoc on the Russian economy, scroll through the following presentation.

The article Plunging Oil Prices Could Push Russia Into a Great Depression originally appeared on Fool.com.

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