Putin offers pledges of economic stability by Daniel J. Graeber Washington (UPI) Jun 7, 2018 Riding improvements in the price of oil from recession to recovery, Russian President Vladimir Putin said Thursday the economy is on stable ground. Russia's economy lingered in recession in 2016 and the national currency, the ruble, declined in value after crude oil prices dipped below $30 per barrel. Oil prices have been fluid this year, trading in a range of around $62 per barrel to $80 per barrel for Brent, the global benchmark for the price of oil. Russia is party to an effort led by the Organization of Petroleum Exporting Countries to limit production in order to balance an oversupplied market. It's the largest contributor to that effort among non-member states, pledging to sideline about 300,000 barrels of oil per day. After the deal was brokered in late 2016, Russian Central Bank Governor Elvira Nabiullina said recovery for the Russian economy will be slow with only minor growth for gross domestic product expected. Speaking Thursday in a marathon question and answer session, Putin said the economy was on solid ground. Growth is still slow, but it's sustainable and inflation is low, which he said was a prerequisite for forward momentum. Investments in the Russian economy, meanwhile, are up 4.4 percent from last year. "This is a very good indicator," he was quoted by Russian news agency Sputnik as saying. "It suggests that growth is also guaranteed in the short term." Western-backed sanctions targeting Russian energy companies contributed to economic headwinds. The U.S. Treasury Department opened a safety valve in late April by offering some sanctions relief to Russian aluminum producer United Co. RUSAL, the second-largest company of its kind outside of China. Putin has stuck with a theme of recovery for most of the year. Growth in GDP in Russia is forecast at 1.8 percent this year, compared with 1.5 percent in 2017. By contract, the U.S. economy is expected to grow by 2.7 percent, according to OPEC economists.
Qatar taps into giant Argentinean shale reserve Washington (UPI) Jun 4, 2018 Buying an equity stake in the Vaca Muerta shale natural gas basin in Argentina marks a debut in unconventional resources, Qatar Petroleum announced. The state-owned petroleum company in Qatar said it reached an agreement with U.S. supermajor Exxon Mobil to take a 30 percent stake in its operations in Argentina. The arrangement gives Qatar Petroleum access to the Vaca Muerta shale basin, located onshore in the Neuquén basin in Argentina. "This is an important milestone, as it marks Qatar ... read more
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |