2016: OIL PRICE: $40
Dec 30 Russia's finance ministry expects the price of oil to average around $40 per barrel in 2016, Finance Minister Anton Siluanov said on Wednesday.
"We must be ready for any development of the situation around the oil price," Siluanov said in an interview with the Rossiya 24 TV station.
"Our estimate for next year is around $40 per barrel when estimating budget revenues. At $40 per barrel there is an understanding about how to act. Measures and proposals have been prepared."
Siluanov said he expected inflation to fall to 6-7 percent by the end of 2016, compared with slightly more than 13 percent in 2015.
Russia's economy and currency has been buffeted by falling oil prices.
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BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.
PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.
FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn.
U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.