Russia House

editorial

2018-04-19
An ex-British Navy chief raises Сalarm bellsТ about the governmentТs Syria story live on the BBC
More Information...
2018-04-19
Britain admits OPCW did not confirm 'essential evidence' on origin of Skripal poison
More Information...
2018-04-19
An Alternative Explanation to the Skripal Mystery
An alternative explanation to the mystery surrounding the poisoning of Russian double-agent Sergei Skripal and his daughter may involve a possibility that neither the British nor Russian governments want to talk about, as Gareth Porter explains.

By Gareth Porter
More Information...
2018-04-18
'US knew there were no toxins & risked nothing' - chemical experts on Syria strike
More Information...
2018-04-18
Russia Ostracized By Washington, But What About Wall Street?

By Kenneth Rapoza
More Information...
2018-04-18
Donald Trump must address American people

More Information...
2018-04-16
The West Gets Russia Wrong Because the Media Are Peddling a Pack of Lies
" ... if you have been visiting Russia periodically, every few years, as I have for many decades, you will have found that it has been changing at breakneck speed."

By Dmitry Orlov

More Information...
2018-04-16
On the Reaction to the U.S. Strike in Syria

By Gilbert Doctorow Special to Consortium News
More Information...
2018-04-16
Western Media's conundrum - why is 'bad guy' Putin so popular at home?

By Steve Keen
More Information...
2018-04-13

More Information...
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"