The oil market has balanced out in 2016 and will restore in late 2017, Russian Energy Minister Alexander Novak said. "The market follows the path of balance anyway," the minister said in an interview with Russia 24 TV channel. "The year 2016 has already balanced out the market partially, and I think that the market will recover in late 2017"
Russophobian policy of the states should have economic consequences. Russia has demonstrated it by canceling oil and other cargoes’ transit through the Baltic ports. Ukraine may also be deprived soon of its gas transit trough. But one question is still in the air. How will small but proud republics live after 2020?
Societe Generale Bank analyst Albert Edwards said that consumers will hardly be able to keep the US economy afloat for long. Because of the sharp drop in oil prices, American energy corporations have faced serious problems and may fall into a new trap. In less than eight years, the debt of the United States of America has nearly doubled
The Russian currency is nearly seven centuries old. The ruble appeared in the 13th century and for the next two centuries successfully drove out of circulation coins of other countries that people in ancient Russia used to acquire material goods. In addition, the foreign money made of silver was quickly repurposed into the new Russian ruble
the entire financial system will have to reboot. All financial pyramids are artificial, and they all fall apart some day. When people believe that the movement of stock prices depends on the economic situation, this is nothing but general misconception. The primary cause for all of this is primitive human greed
Prices on gasoline were lower than on water, and no one was watching its consumption. A new business appeared - smuggling gasoline to neighboring countries. For more than one decade, Saudi leaders have been talking about the need to develop a variety of areas to change the oil-dependent factor in the nation's economy
The treaty establishing the Transatlantic free trade zone between the US and the EU will not be signed this year. Currently, global economy remains under the control of central banks lobbied by transnational corporations. The UK's decision to leave the European Union is a historical mistake, but not an economic tragedy for Europe
Italy's bad debts may trigger a severe crisis in Europe. Even during the financial crisis of 2008-2009, non-performing loans in the US amounted to five percent, The Wall Street Journal said. In Italy, this figure amounts to 17% (360 billion eur). Italian banks account for almost a half of all non-performing loans among public banks in the eurozone
The US dollar conquered the world during the 20th century. Nowadays, we can see the process taking a U-turn as an increasing amount of countries tend to switch to national currencies. Is the mighty dollar losing its power? Will we soon live in the world of many currencies? The paradox is that the USA has not been developing for the last 20-25 years
Russia has outmaneuvered the Saudis in fight for the Chinese oil market despite Western states’ unity in sanctions opposition with Russia and conspiracy theory on the US oil deal with Saudi Arabia. In April China increased oil import from Russia 52%, while import from Saudi Arabia dropped 22%.
Russia and China buy gold to get rid of the weakening dollar. The weakening of the dollar will become even more noticeable. Increasing their gold reserves, Moscow and Beijing make their economies stronger. Russia and China have been buying a lot of gold recently. During the past 15 months China has increased its gold reserves by 70% to 1,700 tons
German opposition party "Alternative for Germany" (ADH) is to send a resolution to the government of Baden-Württemberg about the need to lift sanctions against Russia. Baden-Württemberg has the highest export performance in Germany, where every third person works for exports
The recent strengthening of the ruble has generated many optimistic forecasts for the economic situation in Russia to improve. However, the failed negotiations in Doha have struck a new blow to the national currency. The time of the wealthy 2000s was not the time of errors for Russia. Oil-producing countries were receiving huge income back then