Russia briefing, Dec. 4
- OPEC agrees on production cut deal extension until end of 2018
Last week, oil markets were focused on the Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, where OPEC members and some non-OPEC countries, including Russia, met to discuss the oil production cut agreement.
The meeting resulted in OPEC and its allies agreeing on extending their supply cuts and including Nigeria and Libya in the list of countries that support the extension.
Speaking on behalf of non-OPEC member states, Russian Energy Minister Alexander Novak expressed his satisfaction with the decision, saying it would have a strong and positive impact on the oil market.
- Russian Central Bank warns about
The Russian Central Bank cautioned against the high risks involved when dealing in the markets as it could lead to significant losses for consumers.
In the 'Financial Stability Report' published by the Russian Central Bank last week, it highlighted the danger in using crypto money because it could be used to finance money laundering and terrorism.
The crypto money market is characterized by high risks, the report said, 'Because of the balloons in these markets, consumers can suffer great losses. The task of national and international regulators is to minimize these risks by developing a coordinated approach to regulating the market and limiting the potential of high-risk investments and transactions. '
Russian Finance Minister Anton Siluanov said in a recent statement that should only be used under state control.
- Russia and Iran start 'oil for goods' trade
Russian Energy Minister Alexander Novak said that the first deliveries under the 'oil for goods deal' agreement with Iran have started.
Novak said that one million barrels of oil were sold from Iran to other countries, adding that, 'Oil delivery is being made to other countries instead of Russia. Russia is an operator here. Half of the revenue from oil sales is paid for Iran's imported products from Russia.”
Novak said that Russia is planning to receive five million barrels of oil from Iran annually under the agreement.
In accordance with the agreement, in exchange for Iran’s oil exports to Russia, Iran will receive essential goods and technology including, machinery and equipment, gas turbines, metal, wheat, wood and wood products, leather and textile products from Russia.