Economy

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Russian oil output in 2016 sets record high

Russian oil output in 2016 sets record high

Russian oil and gas condensate production increased in 2016 by 2.5% and reached 547.499 tonnes, or 10.96 million bpd, up from 10.72 million in 2015.  December stood unchanged at 11.21 million barrels per day (bpd), flat month …

Russia, Azerbaijan, OPEC cut oil production

Russia, Azerbaijan, OPEC cut oil production

Agreement between OPEC and non-OPEC countries, including Russia, on oil production levels cut, aimed at stabilizing world oil market, will be implemented starting from today.  In total, OPEC cuts oil production by 1.2 million …

Oil is holding at its highest level in one and a half years

Oil is holding at its highest level in one and a half years

Oil prices will gradually rise toward $60 per barrel by the end of 2017

Baku keen in investing in Iran#039s railway freight terminal

Baku keen in investing in Iran's railway freight terminal

Astara-Astara railroad segment will ease transportation of goods between Russia and India

For Europe bound gas, Russia successfully by-passing Ukraine

For Europe bound gas, Russia successfully by-passing Ukraine

If the Turkish Stream gets built, Ukraine will have to find new ways to make money

Independent telecom regulator to appear in Azerbaijan in 2020

Independent telecom regulator to appear in Azerbaijan in 2020

Strategic Roadmap on telecommunications & information technology, endorsed by the President of Azerbaijan Ilham Aliyev, has been published According to the document, its implementation until 2020 will increase …

Dmitry Piskulov: Economists are optimistic about 2017

Dmitry Piskulov: "Economists are optimistic about 2017"

Chairman of the Board of the National Currency Association sums up the outgoing year

Gazprom to grant €310 mln for Turkish Stream construction

Gazprom to grant €310 mln for Turkish Stream construction

Board of Directors of Gazprom has approved a 310 million euros loan to South Stream Transport B.V. to finance the construction of the Turkish Stream gas pipeline, Gazprom said in a statement. The loan will be granted for 3.5 …

Has The OPEC Rally Gone Too Far?

Has The OPEC Rally Gone Too Far?

Oil prices continue to edge up as 2016 comes to a close, a dramatic turnaround for the industry compared to the start of the year

Why Iran#039s Rial Hit an All-Time-Low Against the US Dollar

Why Iran's Rial Hit an All-Time-Low Against the US Dollar

Today $1 costs 100 thousand Iranian rials, that is an all-time-low rate against dollar. Although several reasons for the slide have been put forward by economists – amongst them the strength of the dollar against other currencies in the …

Russia#039s international reserves increased

Russia's international reserves increased

Russia's international reserves grew by $100 million to during the period of December 16-23, the Russian Central Bank said. The reserves have reached $379.1 billion, as of December 23, according to the Central Bank's …

Iran’s auto production increases by 39.1%

Iran’s auto production increases by 39.1%

The number of four-wheeled motor vehicles manufactured in Iran during the first nine months of the current Iranian calendar year, which started on March 20, shows a 39.% increase compared to the same period last year. From March 20 to …

Russia#039s first LNG to be supplied to Kazakhstan in 2017

Russia's first LNG to be supplied to Kazakhstan in 2017

Gazprom Export signed the first-ever contract on supply of liquefied natural gas (LNG) to Kazakhstan, its CEO Yelena Burmistrova informed. According to her, more than 5 thousand tons of Russian LNG will be supplied in …

Russia increases its international reserves

Russia increases its international reserves

Central Bank of Russia announced today that the country has increased its international reserves. As of December 23, 2016, they amounted to $379.1 compared to $379 billion as of December 16. In other words, reserves increased …

Georgia 2016: win for Georgian Dream, defeat for lari

Georgia 2016: win for Georgian Dream, defeat for lari

This year in Georgia ends with the win of Georgian Dream in the fight with United National Movement and the biggest devaluation of the national currency, so the country enters 2017 in the not so holiday mood, Georgian experts said in an interview …

Armenia: Turbulent 2016

Armenia: Turbulent 2016

Political developments in the South Caucasus are now in the background

Barkindo: Novak is brilliant

Barkindo: Novak is brilliant

OPEC Secretary General Mohammed Barkindo has highly appreciated Russia’s role and in particular the role of Energy Minister Alexnder Novak in reaching agreements on measures to stabilize oil market. …

Gazprom to start LNG deliveries to Kazakhstan this year

Gazprom to start LNG deliveries to Kazakhstan this year

Russia for the first time in the history will supply low-tonnage liquefied natural gas to Kazakhstan. The corresponding contract was signed between 'Gazprom export' and 'Global Gas Regazification', the press service of the …

Russia#039s Transneft not able to halt shipments of Rosneft#039s oil

Russia's Transneft not able to halt shipments of Rosneft's oil

The Moscow court had ruled against any move by Transneft to halt pipeline shipments of Rosneft's oil, Reuters reports with reference to Interfax. Transneft has not yet agreed a deal with Rosneft for 2017 on transporting its oil and …

Turkish lira becomes new currency in Zolotaya Korona system

Turkish lira becomes new currency in Zolotaya Korona system

Turkey’s plans on transfer of up to 10% international payments to the national currency have found support of Russian money transfer systems. Russia's Zolotaya Korona payment system made the Turkish lira a new currency in …