OPEC lowered the forecast for non-cartel production growth for the current year by 95 thousand barrels per day (bpd) to 2.05 million bpd. As a result, the average volume of these shipments in the current year will amount to 64.43 million bpd. The decline can be explained by extension of the OPEC + transaction for nine months. Recall, OPEC and its allies explained the decision taken last week by...

High level of political uncertainty and slow world trade are key risks for growth of the euro area economies, follows from the updated forecast of the European Commission. These factors have already resulted in a decline in exports and deteriorated industrial business activity, primarily in Germany. As a result, this year the GDP of the area will increase by only 1.2%, and will grow by 1.4% in...

The European Central Bank is ready to adjust all its tools to increase inflation, but it also needs to explore a number of deeper problems that can change the course of its policies, said Olli Rehn, member of the Board of Governors of the ECB and Head of the Bank of Finland. “The Board of Governors is ready to adjust all its instruments accordingly so that inflation continues to steadily approach...

Vietnam's economy is growing rapidly this year. The country benefits from the trade war between the United States and China, as some companies are moving their production in there. However, Vietnam’s exports are also increasing due to scammers trying to circumvent American sanctions on the import of Chinese goods, and Washington doesn’t like it. Vietnam's GDP in the II quarter grew by 6.71% in...

Bilateral relations between Tokyo and Seoul have deteriorated against the backdrop of South Korea’s claims for compensation for forced labor in the country during Japan’s colonization of the Korean Peninsula in 1910-1945. The Ministry of Economy, Trade and Industry of Japan stated that for...

Total assets of exchange-traded funds focused on investing in the precious metal came close to the level of 2.3 thousand tons, updating the six-year maximum. The plans of the US Federal Reserve System (Fed) to return to the rate reduction cycle, as well as an increase in geopolitical tensions in the Middle East, are forcing investors to acquire gold in bulk. However, such investments may turn out...

Saudi Arabia has reduced oil production below its quota and insists on restricting production by other OPEC members, writes The Wall Street Journal (WSJ), citing officials of the kingdom and the cartel. Weaker demand for oil as a result of a slowdown in the global economy leads to a decline in prices, despite the threat of supply disruptions from the Gulf countries. According to Saudi officials,...

From the middle of October 2018 to the middle of May 2019, the G20 countries introduced 20 new trade restrictions, including increased duties, import bans and export restrictions (there were 40 of them 40 over the previous six months). According to the WTO report published yesterday, the volume of imports affected by these measures was 3.5 times higher than the average figure since May 2012 and...

The global market for luxury clothing, shoes, watches and accessories will be growing in the coming years, Bain & Co and the Italian association of luxury goods manufacturers Fondazione Altagamma’s report said. In 2019, it will increase by 4–6% to €271–276 billion, and will have reached €320–365 billion by 2025. Thus, the market for luxury goods in six years could double compared with 2011....