Global agreement can have impacts in Russia

A global agreement that provides cuts in oil production, enclosed between the Organization of Oil exporting Countries (OPEC) and non-member countries to boost commodity prices, can impact Russia's economy in 2018, said the country's central bank in A statement this Friday (16).

OPEC, along with other major exporters like Russia, has closed agreement to maintain a joint restriction on oil production for a second year, to reduce stocks and raise prices.

Russia said it will cut 300,000 barrels of oil per day (bpd) before its peak production of 11,247,000 barrels, reached in October 2016. The central bank said the cuts will probably impact the economy as a whole. The institution added that fuel consumption by cars should have a peak in the mid-2020, which should significantly achieve oil prices.

"We consider the OPEC agreement…" Along with a weaker demand for natural gas abroad, it will temporarily contain growth in production (Russian), which can have a negative impact on economic growth in general, "said the central bank.

Russian gas exports Gazprom to countries outside the former Soviet Union fell 10% in the annual comparison in January due to a relatively hot climate in Europe. The organ said that Russia's GDP should rise by 0.4% in the first quarter, when compared to the fourth quarter of 2017, accelerating to 0.5% in the second quarter. Growth in 2017 should be revised upward to an initial estimate of 1.5%. Source.

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