The 19th St. Petersburg International Economic Forum is underway. Despite sanctions, more than 7,000 guests and 1,000 international companies are represented, among them the heads of BP, Royal Dutch Shell and Total. RT will keep you updated.
Kuwait’s oil minister has confirmed plans to hike hydrocarbon production to 4 million barrels per day, by 2020, almost 40 percent more than the current level. The announcement comes ahead of the awaited OPEC meeting this Friday.
Tyson Foods, the leading poultry producer in the US, has announced it will drop the use of antibiotics used to treat humans in its products by September 2017. Profligate use of antibiotics on livestock have boosted concerns over superbugs in people.
The People's Bank of China may have tripled its gold stockpile since April 2009, when it last gave an official number, which Bloomberg Intelligence estimates to be 3,510 metric tons, second to United States 8,133.5 tons of gold.
The ruble gained 1.5 percent against the dollar Thursday, reaching 56.08, the best performance since December 2014. The Russian currency was buoyed by rising oil prices, but experts warn crude could be a false friend for the currency.
Brent and WTI added more than 4 percent after Saudi Arabia and its allies launched a military operation in Yemen against Shiite Houthi rebels. Saudi Arabia is the biggest oil supplier in the region, and southern Yemen is home to many LNG hubs.