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Business

Dateline
November 26, 2014 14:24
Reuters / Esam Omran Al-Fetori
OPEC is a ‘struggling dinosaur’ in age of shale – analyst to RT
The cartel that produces more than 40% of the world’s oil will meet to discuss weak oil prices that are costing some members dearly. OPEC’s low price strategy is poor, and shows the organization is a “struggling dinosaur,” an expert tells RT.
Head of VTB Bank Andrey Kostin (RIA Novosti / Sergey Subbotin) US pressing Chinese and Arab banks to sanction Russia – head of VTB bank
The US is putting pressure on Chinese and Arab banks, forbidding them to work with Russian sanctioned companies, says Andrey Kostin, head of Russia's second biggest lender VTB.
Reuters / Andy Buchanan Saudi Arabia to keep politics out of OPEC, will let market stabilize price
Saudi Arabia’s oil minister said he believes the oil market will stabilize itself and raised the question why OPEC is expected to play a unilateral role in the global energy market, and not the US.
RIA Novosti / Alexandr Maksimenko Ukraine court upholds nationalization of Russian pipeline
The Ukrainian Supreme Commercial Court of Appeal has upheld the nationalization of 1,433 kilometers of pipeline through the country which it says was illegally registered in the name of a subsidiary of Russia’s Transneft.
Economic Development Minister Alexey Ulyukayev (RIA Novosti / Alexander Astafyev) ​EU should accept gas transit risks, if it rejects South Stream – Russian Economy Minister
If European countries don’t want to eliminate gas supply problems by building the South Stream pipeline, they should take responsibility for the possible transit risks, said Russian Minister of Economic Development Aleksey Ulyukayev.

Business snaps

Turkey seeks additional discounted gas volumes via Blue Stream 

Turkey expects to receive additional gas volumes via the Blue Stream pipeline with a discount, TASS quoted Turkish Energy Minister Taner Yildiz as saying on Wednesday. “We have sent our proposals to Gazprom concerning the discount for gas,” he said. Gazprom may launch additional gas supplies to Turkey via the Blue Stream in early 2016, according to Yildiz. Russia and Turkey are working out economic and technical conditions for increasing gas supplies via the Blue Stream by 3 billion cubic meters.

Russia won’t cut oil output in 2015 - energy minister 

Russian oil companies will keep production steady in 2015, roughly at the level of this year, Energy Minister Aleksandr Novak said on Wednesday. Earlier reports said Russia could cut its oil production or exports as oil prices are falling. Russia’s planned output in 2014 is 525.3 million tons of oil.

Sberbank Q3 profit falls 25%, Russia’s largest lender hit by higher provisions 

Sberbank’s third-quarter profit fell 25 percent as Russia’s largest lender was hit by higher provisions over Ukraine, Bloomberg said. Net income fell to 71.3 billion rubles ($1.5 billion) from 94.6 billion rubles in the previous year, the Moscow-based bank said in a statement on Wednesday. Net interest income advanced 17 percent from a year ago to 255 billion rubles.

Russian finance minister warns oil price of $80-90 per barrel may hold long term 

The oil price of $80-90 per barrel may persist in the medium and even long term, TASS quoted Russian Finance Minister Anton Siluanov as saying on Wednesday. Proceeding from this price, the government has to adjust the budget for the next three years, he said. He added that Russia is most likely to avoid making borrowings on external markets in 2015 amid unfavorable market conditions.

Gazprom Neft, Petrovietnam to develop Russia’s Dolginskoye Arctic oil field 

Russia’s Gazprom Neft agreed on Tuesday to develop Russia’s Dolginskoye offshore Arctic oil field jointly with Vietnamese state energy company Petrovietnam, Reuters said. The oil arm of the world’s top gas producer, Gazprom, also signed a deal under which Gazprom Neft will supply ESPO-blend crude oil to Vietnam.

S&P says Russia's credit rating safe, even in case of recession 

Rating agency Standard & Poor’s is unlikely to change Russia’s rating even if the country falls into recession, Reuters quoted the agency’s senior director for sovereign ratings, Christian Esters, as saying on Tuesday. “External and fiscal buffers are strong enough to support the rating even if the economy goes into recession,” he said in Moscow. The agency expects Russia to enter a technical recession in the fourth quarter, according to S&P economist Tatyana Lysenko. The country’s GDP growth will be 0.3 percent in 2014 and 0.6 percent in 2015, TASS said, citing the agency’s data.

Global economy to gradually improve over 2 years - OECD  

The global economy will gradually improve over the next two years, the Organization for Economic Co-operation and Development said on Tuesday. The US and the UK will grow more strongly than the eurozone and Japan, while among emerging countries, India, Indonesia and South Africa are set to recover steadily. Russia’s economy is set to stagnate next year and China’s will soften, the OECD said in its bi-annual economic outlook. It added, confirming earlier forecasts, that overall, the global economy is set to grow by 3.3 percent this year, 3.7 percent in 2015 and 3.9 percent in 2016.

Platinum bars (Reuters / Michael Dalder) Goldman Sachs, HSBC, BASF sued in first US metals price manipulation case
Four major global firms are to appear in a New York court accused of manipulating platinum and palladium prices for eight years. The law suit is the first of its kind in US history.
Reuters / Hazir Reka Cost of EU air pollution soars to €189bn in 2012 - study
Air pollution, mainly from a small number of coal fired power stations in Germany and Eastern Europe, cost the EU up to €189 billion in 2012, according to a study by the European Environment Agency (EEA).
President Vladimir Putin and General Secretary of the Central Committee of the Communist Party of Vietnam Nguyen Phu Chong (from right to left in the background) during the ceremony of signing joint documents in the Bocharov Ruchei residence in Sochi (RIA Novosti / Alexey Druzhinin) Russia and Vietnam to jointly develop energy in Arctic, Siberia
Russia’s Gazprom and its oil arm Gazprom Neft have agreed with the Vietnamese energy company Petrovietnam to jointly develop Russia’s Arctic offshore oil and gas in Siberia, as well as supply the country’s ESPO blend crude to Vietnam.
EU Commission President Jean-Claude Junker (Reuters / Eric Vidal) EU unveils $390bn plan to revive Europe’s ailing economy
EU Commission President Jean-Claude Junker has unveiled a $390 billion (€315 billion) investment plan to stave off recession and jumpstart the sluggish European economy.
Reuters / Brendan McDermid Fitch names oil exporters 'vulnerable' to credit downgrades if weak prices persist
Bahrain, Angola, Venezuela, and Ecuador are the most vulnerable to sovereign credit rating downgrades if low oil prices continue through 2015, Fitch said in a report.
Reuters / Vitaliy Ankov European gas stocks enough to survive without Russian supplies for a year – OECD
Most European countries have enough stocks to cover for “lost” gas from Russia should there be a major disruption. Hardest hit would be Slovakia, Austria, and Turkey as they rely on Russia for at least 15 percent of their energy needs, OECD experts say.
OPEC oil ministers attend the OPEC meeting in Vienna (Reuters / Leonhard Foeger) ​OPEC may decide to give Iraq, Iran, and Libya immunity from oil supply cut
Should OPEC decide to cut production this week in an effort to boost oil prices, media reports suggest that Iraq, Iran, and Libya could be given an exemption from making supply reductions.
Reuters / Sergey Karpukhin ​South Stream of ‘national importance to Serbia’ – ambassador
South Stream is an essential gas project and will guarantee energy stability in Southeast and Central Europe, according to the Serbian Ambassador to Russia Slavenko Terzic.
Russian President Vladimir Putin (RIA Novosti / Alexey Druzhinin) ​Putin signs ‘anti-offshore’ law
Russian President Vladimir Putin has signed into law the “anti-offshore” bill aimed at curbing capital outflow which is estimated at $2 trillion in recent years.

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