Economy

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IMF: Russia#039s monetary policy easing is appropriate

IMF: Russia's monetary policy easing is appropriate

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Interest rate cuts should continue at a gradual pace

Kremlin: extension of OPEC deal aimed at aligning energy prices dynamics

Kremlin: extension of OPEC deal aimed at aligning energy prices dynamics

The extension of the oil production cut agreement between OPEC and non-OPEC nations is aimed at aligning the dynamics of energy prices, Kremlin spokesman Dmitry Peskov said. "The issue here is first of all about …

World Bank expects Russia’s economy to grow

World Bank expects Russia’s economy to grow

The World Bank expects Russia’s economy will expand moderately over the next three-year period, with growth rates are seen at 1.3% and 1.4%. "We expect the Russian economy to grow 1.3% in 2017 and 1.4% both in 2018 and …

OPEC deal to become more global

OPEC deal to become more global

Egypt, Norway and Turkmenistan made signs of their willingness to join the oil production cuts, Kuwait's oil minister Essam al-Marzouq said. The minister noted that  Saudi Energy Minister Khalid …

Armenia plans to produce innovative organic fertilizer

Armenia plans to produce innovative organic fertilizer

An Armenia-based company plans to produce fertilizer using emerging foreign technologies, Agro IG company Deputy Director Harutyun Usta-Karayan said. He noted that the respective project was submitted to the government, …

 Kuwait#039s oil minister: not all oil producers want to extend output cuts for 9 months

Kuwait's oil minister: not all oil producers want to extend output cuts for 9 months

Global oil producers would discuss at their meeting this week whether to extend output cuts for six months or nine months, because not all were on board for nine, Kuwait's oil minister Essam al-Marzouq said. …

Trump scuttles State Department

Trump scuttles State Department

US President Donald Trump's budget proposal would convert some of the United States' foreign military grants to loans, part of a larger effort to slash spending on diplomacy, aid and programs abroad by more than 29%, the …

 Oil prices whipsaw in wild trading as potential holdout Iraq supports OPEC deal

Oil prices whipsaw in wild trading as potential holdout Iraq supports OPEC deal

However, there is no any objection from OPEC members to a nine-month extension

Moody#039s forecasts Russia’s GDP growth at 1.5% in 2017-2018

Moody's forecasts Russia’s GDP growth at 1.5% in 2017-2018

International rating agency Moody's expects Russia’s GDP to grow annually by 1.5% in 2017 and 2018, the agency said in a press release. "Moody's forecasts that real GDP growth will increase by 1.5% per year in 2017 …

Iraq bans tomato imports from Turkey

Iraq bans tomato imports from Turkey

Iraq decided to ban tomato imports from Turkey to protect its own producers, according to an official statement from the Turkish Economy Ministry.  Iraqi authorities decided to quit importing tomato from Turkey in a bid to protect …

 Russia and Turkey sign agreement removing trade restrictions

Russia and Turkey sign agreement removing trade restrictions

Russia and Turkey have signed a joint agreement on lifting mutual trade restrictions on the sidelines of the BSEC summit today. The document was signed by deputy prime ministers of the two countries - Arkady Dvorkovich …

Russia#039s Economic Development Ministry expects more aggressive key rate reduction if OPEC deal extended

Russia's Economic Development Ministry expects more aggressive key rate reduction if OPEC deal extended

Russia expects the Central Bank to pursue a more aggressive policy regarding the reduction of its key rate if the oil production cut agreement between OPEC and non-OPEC nations is extended, Russia’s Economic Development minister …

Government predicts 20 years of stagnation in Russia

Government predicts 20 years of stagnation in Russia

This week, the government and the administration of the Russian president will start uniting the results of work of the Economy ministry and other agencies on the single action plan until 2025, the proposals of the Center for Strategic Research …

Brent back above $54

Brent back above $54

Brent crude traded above $54 a barrel for the first time in a month as oil prices extend last week’s solid rally ahead of a key OPEC meeting in a few days’ time. Benchmark oil prices rallied about 5.5% last week, their best …

Turkmenistan, Russia expand business regional partnership

Turkmenistan, Russia expand business regional partnership

Tatarstan’s President Rustam Minnikhanov met with a Turkmen delegation headed by Chairman of the Mejlis Committee on Legislation and Norms Serdar Berdimuhamedov in Kazan, Tatarstan’s presidential …

US and Saudi Arabia sign arms deals worth almost $110bn

US and Saudi Arabia sign arms deals worth almost $110bn

The US and Saudi Arabia have signed arms deals worth almost $110bn, a White House official said on Saturday, the first day of President Donald Trump's visit to the traditional US ally, Al Jazeera reports. "This …

WTI oil price just surged past $50 for the first time in 3 weeks

WTI oil price just surged past $50 for the first time in 3 weeks

Most OPEC producers are supporting the Saudi-Russian proposal for an extension of the production cuts until March 2018

New drilling rig in Azerbaijan

New drilling rig in Azerbaijan

Ilham Aliyev: "Foreign companies invest in Azerbaijan, but this facility was invested by Azerbaijani state"

Saudi Arabia says all ‘on board’ to extend oil cuts for 9 months

Saudi Arabia says all ‘on board’ to extend oil cuts for 9 months

All producers agree to extend crude output cuts by nine months to help trim a supply glut, according to Saudi Arabia’s energy minister, Bloomberg reports. The extension through the first quarter of 2018 will help producers reach …

Trade trip chance to boost Australia-Azerbaijan ties

Trade trip chance to boost Australia-Azerbaijan ties

West Australia seeks to promote its finest products during an upcoming trade delegation to Azerbaijan