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Economics Gazette

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October 19, 2017

Markets

Fatih Birol

OPEC respects its promise to reduce oil production to 86%

The Organization of Petroleum Exporting Countries (OPEC) respects its promise to reduce oil production to 86%, according to the International Energy Agency (IEA). “Their compliance is about 86 percent, higher than in the past… whether or not they will continue with this plan in November it’s up to them”, said the executive director of IEA,

Eurozone trade balance

Eurozone trade balance continues to be positive in August 2017

Eurozone trade balance continues to be positive in August 2017 at a level of 16.1 billion EUR, although it is slightly slowing on an annual basis. For comparison, in August 2016, it was 17.5 billion EUR, according to Eurostat’s preliminary seasonally unadjusted data. The single currency area has exported goods to the rest of the

Copper price

Copper prices are rising to a three-year high

The copper prices are rising to a three-year high, leading to growth of other industrial metals. The momentum for the dynamics came from data from China, which showed that production prices in the country have risen to a six-month high in September. The production inflation stood at 6.9% on an annual basis, which is above

Chinese imports

Chinese imports reported an increase of 18.7% in September 2017

Chinese imports reported an increase of 18.7% yoy in September 2017 to 169.6 billion USD, according to the customs official data. Thus, September is the eleventh consecutive month of growth in imports. The market expectations were for more modest increase of 13.5%. Exports also grew more strongly by 8.1% yoy, but failed to reach the

eggs export

Netherlands is the largest eggs exporter in the EU

In 2016, EU countries exported eggs worth a total of 960 million EUR and 90% of the deliveries were directed to another union’s country. Making a short calculation shows that EU countries traded with eggs for 866 million EUR. The largest exporter of eggs in the EU is the Netherlands, which accounts for almost 40%

global oil market

IEA forecast balancing of the global oil market in 2018

International Energy Agency (IEA) forecasts balancing of the global oil market in 2018, as consumption growth helps to reduce the three-year surplus from unused fuels and should largely compensate for steep growth in yields. In its monthly report on the oil market, Paris-based IEA says it continues to expect an increase in global crude oil

digital currency

Russia intends to limit access to the digital currency

Russia intends to limit access to the digital currency in the future. Web sites offering crypto-currencies will be blocked in the future, warned the central bank of the country. The announcement triggered a brief crash on the Bitcoin exchange rate. This morning, however, the rate has returned to more than 4,800 USD, while immediately after

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