REPORT
By Emre Gürkan Abay
Russia Letter – Week beginning Oct. 3

 - OPEC agreement

Last week’s informal meeting in Algeria among OPEC members ended with a surprising result.

For the first time in the last eight years, members of the oil cartel agreed to freeze their production levels between 32.5 and 33 million barrels per day effective from November.

Russia, although not an OPEC member, is among the biggest oil producers in the world, and the news from Algeria was seen as a positive signal by the Russian markets.

Russian Minister of Energy Alexander Novak said that Russia was ready to cooperate with the production freeze decision.

 

- Putin may visit Turkey

Russian President Vladimir Putin is expected to pay an official visit to Turkey in October, Union of Chambers and Commodity Exchanges of Turkey (TOBB) President Rifat Hisarciklioglu said during his visit to Moscow last week.

Hisarciklioglu said that Putin's visit would focus on a number of issues including the Turkish Stream, and restoration of business ties between Turkey and Russia through lifting some restrictions imposed on Turkish entrepreneurs.

The last time Putin visited Turkey was at the G20 Antalya Summit in November 2015.

 

- UK considering new sanctions against Russia

The U.K.’s Foreign Secretary Boris Johnson said that a new set of sanctions could be imposed against Russia, due to its activities in Syria.

After the Brexit, the U.K. has been diverting its foreign policy away from the EU and this announcement is testament to this new political era.

Italy, Greece, Slovakia and Hungary, in particular, are loudly opposing EU sanctions against Russia.

 

 

03 Oct,2016

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