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Page added on February 11, 2017

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Russia’s economy grows at $40 per barrel oil

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The Russian economy will be on the positive side of growth even if the price of crude oil falls to $40 per barrel, the Central Bank of Russia said.

Central Bank Gov. Elvira Nabiullina said Thursday the Russian economy stands to exhibit growth this year. The number of economic sectors expected to expand this year is not much greater than those in contraction, but losers are outnumbered. Much of the strength depends on the price of crude oil, however.

“We will be in the positive zone in any scenario, even with $40 per barrel,” she was quoted by Russian news agency Tass as saying.

A November forecast from the International Monetary Fund found the Russian economy had absorbed the shocks from the dual strains of lower crude oil prices and sanctions imposed because of the Kremlin’s role in lingering conflict in Ukraine.

The White House under President Donald Trump has signaled it could ease some of the sanctions pressures for Russia.

For 2016, the IMF said it expected the Russian economy would contract by 0.6 percent, but grow by about 1.1 percent this year.

The board of directors at Russia’s Central Bank said Friday they were keeping their key rate unchanged at 10 percent, adding “internal and external developments” had diminished the appetite for rate cuts this year.

Nabiullina said the rate of inflation is expected to be close to its low-end outlook of around 5.5 percent this year.

Last week, the Russian Finance Ministry said it expected the price of oil to oscillate between $40 per barrel and $60 per barrel over the next two years.

Russian President Vladimir Putin said the national budget for 2017 was pegged on oil priced at around $40 per barrel.

Russia’s economy relies heavily on revenue from crude oil exports to the European and Asian markets.

upi.com



9 Comments on "Russia’s economy grows at $40 per barrel oil"

  1. Apneaman on Sat, 11th Feb 2017 9:02 pm 

    Who gives a shit about Russia? I don’t. What did they ever do for me? Besides, I was raised to hate them and all communists scum. We did come to respect some of their hockey players though.

    …………………………………….

    “It was the greatest hockey series ever played. But from the start, the 1972 Summit Series was all about politics.

    Mostly we remember the eight bitter battles between Team Canada and the former Soviet Union, fought with more grit, guts and glory than any Stanley Cup final. And as we prepare to celebrate its 40th anniversary, we revel in our last-minute triumph, our sense of vindication that Canadians were still supreme at playing a game we invented.”

    “Before 1972, it galled us that Canada couldn’t send its best to the Olympics or world championships. A phony amateurism barred National Hockey League players from competing internationally, yet Russians playing full-time for the state were perennial champions of the world.

    Canadians were sick of it. In 1971, prime minister Pierre Trudeau raised the issue with Soviet premier Alexei Kosygin. Soon afterward, a Canadian diplomat in Moscow picked up signals that the Russians were finally ready to test themselves against the NHL. Official talks ensued: a “best versus best” series of “friendly matches,” four in each country. No cup was at stake – just global hockey supremacy.

    In the Canadian mind, the teams also represented their societies’ conflicting political systems. Our guys were rugged, free-enterprising individualists. Their guys were robots, cogs in the communist machine. Media experts picked Canada to win all eight games.”

    http://www.theglobeandmail.com/opinion/hockey-put-canadas-cold-war-perceptions-on-ice/article4510769/

    American made documentary – very well done.

    Cold War on Ice Summit Series ’72 HD

    https://www.youtube.com/watch?v=3esWG3k_Wn8

  2. makati1 on Sat, 11th Feb 2017 9:12 pm 

    Ap, they won WW2 for us. They have also been very restrained in reacting to our provocations. They stand between the One World crowd and a world we would want to live in. All are plus’ as far as I am concerned.

  3. onlooker on Sat, 11th Feb 2017 9:36 pm 

    Yes, the US after WWII was resolute in establishing itself as the hegemonic Empire. The Council on Foreign Relations was instrumental in setting out policy in what would become the term Project for a new American Century. After all it was the opportunity. The US was roughly half the world economy after WWII and had a jump on Russia in developing a nuclear arsenal. It then set about bankrupting Russia with the Arms race. Even now as Makati states the Western Banking industry and finance elites have wanted this New World Order but Russia and China and to a lesser degree the BRICS have stood up to it. Now it is too late, the Western finances are in total disarray and debt has outlined its usefulness. The US basically had its opportunity but its gone now for Empire or New World Order. Only thing now is just descent of modernity in all spheres.

  4. dissident on Sat, 11th Feb 2017 10:18 pm 

    Apnea-tard is a Banderite. Hey, moron, commies have been dead since 1991. But Bandera (one of Hitler’s henchmen) worshipers have taken over Ukraine.

    The question is what you NATO f*cks have done to Russia lately. Looks like all your big regime change plans have gone nowhere so Killary started openly threatening war.

    But I forget, on this board the doomers want a nuclear war to kull the population and save the planet. This why they are freaking that Killary lost.

  5. Apneaman on Sat, 11th Feb 2017 10:34 pm 

    dissident, the planet is not in need of saving – you, your family and the rest of the cancer monkeys are, but it’s far too late for that. Try praying or send Vlad or Cheeto a sad email pleading for a spot in one of the bunkers. You might get an extra year in as their bitch.

  6. Boat on Sat, 11th Feb 2017 11:11 pm 

    onlooker,

    Lol @ the US forcing Russia into an arms race. I believe they and they alone decided what to do with their money. They could have focused on other things like Sweden. But they wouldnt be Russian then, now would they.

  7. Sissyfuss on Sat, 11th Feb 2017 11:40 pm 

    A central bank stating that everything’s fine, no need to worry. OK, I guess we’ll go with that.

  8. Theedrich on Sun, 12th Feb 2017 2:59 am 

    Russia is correcting many U.S. crimes.  After the grotesque “police action” in Syria (never mind, Libya, Iraq, etc.) perpetrated by the megalomaniac Novus Ordo Sæclorum in Washington, we need someone to help us get out of that quicksand.  Forget the Ukraine issue, which is simply one of many leftover injustices of Communism’s.  Vlad needed to solve that problem, especially after Victoria Nuland, Georg Sörös and the whole undercover apparatus of Washington overthrew the legally elected president of Ukraine.  It is great to see Россия coming back to its rightful place in the world after a century of misery.

  9. Davy on Sun, 12th Feb 2017 7:54 am 

    “Russian FM Lavrov expects to talk to US counterpart Tillerson soon on Ukraine & bilateral relations”
    https://www.rt.com/news/377098-lavrov-interview-us-ukraine/

    “Russian Foreign Minister Sergey Lavrov has said in an interview he will probably be in contact with US Secretary of State Rex Tillerson soon, and is expecting to discuss the situation in Ukraine, bilateral relations, and other major international issues.”

    Lavrov hopes the US State Department officials with whom it will be possible to discuss the situation in Ukraine and Syria will be appointed soon. “This process takes some time, because the entire Obama team at the US State Department left the place at their own initiative, as they stated. Now there are some career diplomats left there, with no bosses. Rex Tillerson, as a new person in this field, is now plunging into the details of the problems [we’ll] have to work on. I’m sure that this process will be completed fairly quickly,” Lavrov said. “But the key deputies have not been appointed yet, and the key areas of the foreign policy haven’t been mapped out either,” he added.”

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