Russia House

editorial

2017-10-19
Blaming Russia for the Internet ‘Sewer’

By Robert Parry
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2017-10-19
US sanctions bill vs Russia built on fraudster's political lobbying - Russian lawyer Veselnitskaya
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2017-10-19
Russia Fines Cryptocurrency World's Preferred Messaging App, Telegram
Russia's government is gunning for Telegram. Why?

By Kenneth Rapoza


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2017-10-18

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2017-10-18
Fueling More Bloodshed in Ukraine
In the U.S., Russia-hating liberals are joining the neocons in seeking more war in Ukraine, as the prospects for a rational and peaceful resolution to the crisis continue to fade

By James W. Carden
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2017-10-18
Magnitsky Act Comes to Canada

Interviewer Edward Lozansky
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2017-10-16
Another Russian Central Banker Denounces Cryptocurrency

By Kenneth Rapoza

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2017-10-16
The New Cold War Is Already More Dangerous Than Was Its Predecessor
Today's American-Russian confrontation is developing in unprecedented ways-and the US political-media establishment seems not to care.

By Stephen F. Cohen
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2017-10-16
Russia needs to create better environment for foreign business - Putin
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2017-10-11
A Deaf Ear to Dire Russian Warnings
Official Washington is so obsessed with the hyped Russia-gate allegations that it isn't picking up on dire warnings from Russia that continued U.S. military interference in Syria won't be tolerated

By Gilbert Doctorow

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Russia House

2017-03-15

Russia's economic development minister comments on decline of oil prices

Decline of oil prices is due to several factors, including production growth in the United States and possible changes in the further actions of the Organization of the Petroleum Exporting Countries (OPEC), Russia's Economic Development Minister Maxim Oreshkin told reporters.

"The reasons for decline of oil prices include several factors - quite aggressive production growth in the US, and rumors associated with a possible change of OPEC tactics. This rumor, of course, affects expectations," he said.

According to Oreshkin, the level of oil prices in the updated macro forecast for 2017 will depend on the first quarter's figures.

Oil prices began to decline on March 8 almost immediately after the publication of the data on oil reserves by the US Department of Energy. Thus, commercial oil reserves in the US increased by 8.22 mln barrels from February 24 to March 3, amounting to 528.4 mln barrels with the forecast of growth of 1.97 mln barrels of oil. On March 8-10, price of Brent futures contract with May delivery dropped by almost $5.

On November 30, OPEC countries agreed to cut oil production to 32.5 mln barrels per day, which means those countries agreed to reduce their daily average output by 1.164 mln barrels starting January 1, 2017. Together with 11 countries outside of the organization, reduction of oil production will total 1.7-1.8 mln barrels per day.

"TASS"