Russia House

editorial

2017-07-28
RUSSIAN FEDERATION SITREP 27 JULY 2017

BY PATRICK ARMSTRONG
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2017-07-28
RUSSIAN FEDERATION SITREP 13 JULY 2017

BY PATRICK ARMSTRONG
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2017-07-28
Was Trump Wrong to End the CIA's Train-and-Equip Program in Syria?
Why the rush to condemn Trump's only smart decision since taking office?

By James Carden
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2017-07-28
Europe Fears Russia Sanctions Upgrade, But Will Go Along With Washington Anyway

By Kenneth Rapoza
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2017-07-26
MacronТs Maneuvers on the New Cold War

By Dennis J Bernstein
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2017-07-26
Sensational Report: Is Russiagate a Hoax Ordered by Vladimir Putin?
The Russians may have developed the capability to create elaborate hoaxes that turn the US into a laughing stock in the eyes of outsiders

By Russell O'Phobe

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2017-07-26
Are America's Wars Just and Moral?

By Patrick J. Buchanan
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2017-07-25
White House Signals Growing Acceptance of New Russia Sanctions Bill
His Press Secretary says Trump "supports where the legislation is now"

By Jason Ditz
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2017-07-25
Pitching the СForever WarТ in Afghanistan

By James W Carden
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2017-07-25
OPEC, non-OPEC oil output cuts compliance nears 100% - Russian energy minister
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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"