• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 6 hours Biden admits he has been tested for Cognitive Decline several times. Didn't show any proof of test results.
  • 5 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 2 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 9 hours Apology Accepted!
  • 55 mins Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 11 hours U.S. natural gas at major disadvantage in Europe and China.
  • 12 hours Biden came out of his basement today (Thursday) and said , "we have 120 Million deaths from Covid 19.
  • 4 mins Why Oil could hit $100
  • 17 mins The Political Genius of Donald Trump
  • 13 hours Putin Paid Militants to Kill US Troops
  • 18 hours CoVid in Spain, 9 months before China
  • 17 hours Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
  • 17 hours The world is headed for big problems - interview with very smart economist

Breaking News:

OPEC Production Falls To Three Decade Low

Lithium Prices Are Set To Rally

Lithium Prices Are Set To Rally

The European Union’s green recovery…

The Country That Won The Oil War

The Country That Won The Oil War

While Saudi Arabia and Russia…

World Bank: Russia Can Withstand Oil Price Volatility In 2019

Russia is well-positioned to withstand external shocks, The World Bank said today in its most recent version of Russia Economic Report, cited by TASS.

Oil prices are expected to average $71 per barrel over the next three years, the report also said, with the caveat that there is still “considerable uncertainty” to this forecast.

Oil demand is still expected to be “robust” according to the World Bank’s report, which citied the International Energy Agency forecast of a 1.4 million barrels per day increase.

Despite the extreme volatility experienced in the oil industry, with expectations that this trend will continue, the World Bank noted that Russia’s high level of international reserves ($461 billion), small international debt (29% of GDP), and “comfortable import cover (15.9 months) positions Russia well to absorb external shocks,” the report reads.

Russia is eyed closely leading up to the December 6 meeting in Vienna this weekend where OPEC will discuss the possibility of cutting oil production once again. Russia’s participation or reluctance to participate—whichever the case may be—may be a make or break moment for the cartel that once could sway the oil market alone.

Russia has sent mixed signals into the marketplace regarding its stance on the state of the oil market and its willingness to participate in production cuts. Russian President Vladimir Putin last week said that it was “obvious” that Russia would cooperate with OPEC, but failed to say definitively that it would cut production along with OPEC, should OPEC agree to do so.

Russia’s oil production slipped last month to 11.369 million barrels per day, from the record highs that it pumped in October of 11.41 million bpd, according to preliminary data released from Russia’s federal state budgetary organization CDU TEK this last weekend.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News