RUSSIAN - IRANIAN BANK
Iran's delegation will visit Moscow before November 12 to set up a joint bank with Russia, Russia's Energy Minister Alexander Novak said in an interview aired by the Rossiya-24 TV news channel on Friday.
"This is no new idea. A Russian-Iranian bank existed in Soviet time though it was later liquidated. All details will be discussed after a principal decision is made. For now we've agreed that Iran's delegation will visit Moscow particularly for discussing all details and issues related to its location, conditions of work, and equity capital. Separate talks will be held in the nearest future when a delegation comes to Moscow," the Minister said.
As TASS reported earlier Russia and Iran reached a principal agreement regarding setting up a joint bank. Iran's central bank published an announcement on Thursday saying that Iran and Russia had agreed to set up a joint bank for the purpose of easing financial transactions between the two states.
The two sides had also discussed prospects of Iran's accession to the Eurasian Development Bank, which comprises Russia, Kazakhstan, Armenia, Tajikistan, Belarus and Kyrgyzstan.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.