Russia House

editorial

2017-09-21

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2017-09-21
Russiagate: Proof Obama's Justice Department placed Trump campaign under surveillance
FISA surveillance of Trump campaign chair Paul Manafort before, during and after Presidential election confirmed.

By Alexander Mercouris
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2017-09-21
'We're at war': 'Committee to Investigate Russia' weaponizes Morgan Freeman in anti-Moscow hysteria
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2017-09-20
The Putin Problem

By THOMAS GRAHAM, RAJAN MENON
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2017-09-20
Putin arrives at the Zapad 2017 war games which triggered wave of hysteria in the West

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2017-09-20
The NYT's Yellow Journalism on Russia
The New York Times' descent into yellow journalism over Russia recalls the sensationalism of Hearst and Pulitzer leading to the Spanish-American War, but the risks to humanity are much greater now

By Robert Parry
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2017-09-19
Fake Arguments for Killing Iran-Nuke Deal

By Paul R. Pillar
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2017-09-19
Russia Hacking Truth Continues to Unravel
Incidentally the most pro-establishment conspiracy theory is also the most successful one

By Mike Whitney
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2017-09-19
US, Russia Military Leaders Talk Increased Communication in Syria
The two militaries are forced to talk more and more to each other which can only be a good thing

By Jason Ditz
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2017-09-18
Will Turkish Kurds Follow Iraqi Kurdistan in Pursuit of Independence?
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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"