- Growth of Russian economy expected to slow down
Despite enduring low oil prices and sanctions imposed by many Western countries on Russia, particularly the U.S., the Russian economy grew by 2.3 percent in 2018.
However, the Russian Ministry of Economy said last week in a departmental report that the country's growth performance of 2.3 percent was due to exceptional circumstances and warned that this growth was unsustainable.
"The growth in the Russian economy is expected to decline to 1.3 percent in 2019," the report said.
The ministry emphasized that developments in the industrial and construction sectors last year were the main factors contributing to the growth in the economy.
Russia’s growth in 2017 reached 1.6 percent, and in 2018 the economy achieved the best performance of the last six years by growing by 2.3 percent year on year.
No official partnership on the cards between Russia and OPEC
Kremlin spokesman Dmitriy Peskov said Russia has no plans to make a formal partnership with the Organization of Petroleum Exporting Countries (OPEC).
Peskov explained that Russian President Vladimir Putin discussed cooperation with OPEC with a large number of leaders, including in latest talks with Saudi Crown Prince Mohammed bin Salman.”
He hailed the current cooperation mechanism in balancing international oil prices, and accordingly, decided to not instigate plans to establish an official partnership with OPEC.
At the end of 2016 due to fluctuating oil price trends, some oil-producing countries led by OPEC and non-OPEC large producer, Russia, agreed to cooperate to curtail oil production to balance the market.