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Economics Gazette

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October 19, 2017

Commodities

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,

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

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

Clean Energy Plan

Donald Trump will cancel the Obama’s Clean Energy Plan

US President Donald Trump will cancel the Clean Energy Plan of his predecessor Barack Obama, which aims to fight global warming. This will be done by alleviating greenhouse gas emissions from coal-fired power plants. The new government plan should be presented within a few days. According to it, the US Environmental Protection Agency must declare

Russian oil brand Urals

Russian oil brand Urals will be exported through stock trades

Russian oil brand Urals will soon be exported abroad through stock trades, after decision by the Federal Customs Service. The resolution comes in response to an inquiry from the International Stock Exchange in St Petersburg. So far, exports have been done through agreements between supplier and recipient at pre-agreed prices. Now the stock exchange trading

crude oil prices

Crude oil prices reached a two-year high

Speculation about declining oversupply boosted the oil prices to their highest level since July 2015. The futures on Brent oil with delivery in November rose by 0.46 USD to 59.48 USD per barrel. Earlier, the price reached 59.49 USD per barrel, which is the highest since July 10, 2015. The futures on West Texas Intermediate

Crude oil prices

Crude oil prices started the week with slight declines

Crude oil prices started the week with declines, although in the previous session they have come close to their highest levels for months. The Organization of Petroleum Exporting Countries (OPEC), Russia and other producers cut their production by about 1.8 million barrels per day from the beginning of 2017, supporting oil price growth by about

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