RUSSIA'S GDP UP 1.8%
REUTERS - That was slower than in the second quarter, when the economy grew 2.5 percent, its best annual rate since the third quarter of 2012.
"The year-on-year growth rate was depressed by the fact that there was one fewer working day in Q3 this year than in Q3 2016 – something Rosstat doesn't adjust for," research firm Capital Economics said in a note.
The 1.8 percent expansion in gross domestic product is a preliminary reading and could be revised later this year when the Federal Statistics Service, or Rosstat, provides a detailed breakdown of economic growth factors.
Following the data release, Capital Economics said it was lowering its growth forecast for 2017 to 1.8 percent from a previously expected 2.3 percent.
The Russian economy is recovering from a full-blown crisis caused by a massive drop in prices for oil, its key export, and by economic sanctions imposed by the West over Moscow's role in the Ukraine crisis.
Analysts polled by Reuters in late October had on average expected 2017 GDP growth of 1.8 percent after two consecutive years of contraction.
Officials are more upbeat on Russia's economic prospects, saying GDP could expand by more than 2 percent in the whole of 2017.
|November, 24, 09:45:00|
|November, 24, 09:40:00|
|November, 24, 09:35:00|
|November, 24, 09:30:00|
|November, 24, 09:25:00|
|November, 24, 09:20:00|
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.