Russia House

editorial

2017-06-27
Afghanistan’s Lessons for Syria

By Paul R. Pillar
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2017-06-27

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2017-06-27
Oliver Stone's 'The Putin Interviews' (Part I)

By Justin Raimondo
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2017-06-26
From Reagan and Gorbachev to Trump and Putin
Rethink foreign policy relations

By Edward Lozansky
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2017-06-26
Putin Tries to Avoid a Wider War With the US

by MIKE WHITNEY
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2017-06-26
Lavrov slams NATO's geopolitical ambitions

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2017-06-23
Russia-gate Flops as Democrats' Golden Ticket
The national Democrats saw Russia-gate and the drive to impeach President Trump as their golden ticket back to power, but so far the ticket seems to be made of fool's gold

By Robert Parry
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2017-06-23
US attack on Syrian plane in Syrian sky is act of war - Russian senator

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2017-06-23
Final Reshuffle: How New State Department Nominations Alter US Foreign Policy
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2017-06-22
Spoiling for a Wider War in Syria

By Robert Parry
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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"