Freedom House Says Crimean Elections Are Illegitimate

Freedom House, a world-famous international organization defending human rights around the globe is reported to have condemned the recent parliamentary election in the Crimea, which is now a part of the Russian Federation, but Ukraine and the Western world still see the Crimea as a part of Ukraine. The organization says that the elections were illegitimate anyway since the territorial dispute is still underway.

According to the Vice-President of Freedom House, despite the fact that the Crimea conducted the same parliamentary election that the Russian Federation did, this is still not going to make the Russian power legitimate in the peninsula.

He said that the voting was anything but not a free and just event. To be more specific, the citizens of the Crimea actually didn’t have the opportunity to decide who is going to win the elections and represent the Crimea in the Russian parliament.

It’s interesting to note that in the 2016 report, Freedom House rate the Crimea as a territory beyond the control of Ukraine. This means that the organization shares the same opinion with the Western world and doesn’t recognize the Crimea as a part of Russia.

The level of observing modern political rights and freedoms in the Crimea was rated low – just 7 points. Civil freedoms got 6 points, which is the worst rating possible. Ukraine is also going to recognize those elections illegitimate. The Ukrainian parliament is about to consider this issue in the near future. Ukraine is also going to appeal to the UN, OSCE, and other international organization to ask them to support Ukraine in this dispute around the Crimea.

OPEC's Oil Production Saw Record Highs In September 2016

According to the recent research conducted by Bloomberg, OPEC’s oil production reached a new high in September 2016. To be more specific, OPEC is reported to have been producing 33,75 million barrels a day over the reporting period.

 

The record high production of crude oil within the scope of cartel has to do with considerable production growth seen in Libya and Nigeria over the reporting period. For those of you who don’t know, the similar data taken for the previous month report 33,24 barrels a day, which means that OPEC’s oil production increased by as much as 170 thousand barrels a day in a matter of 4 weeks.

 

The increase took place mainly thanks to the mentioned production hikes in Nigeria and Libya by 190K barrels a day and 340k barrels a day respectively. At the same time, Angola and Saudi Arabia saw their production shrink a little bit 40K and 60K barrels a day respectively. As for Iran, local oil companies only increase their production by 10K barrels a day, all the way up to 3,63 million barrels a day.

 

However, this seem to be the end of it, at least for the near future. OPEC members are not going to set new production highs in the coming months. The thing is that they reached an agreement to cut their production in order to back a stronger market. This happened on September 28^th, during the unofficial summit in Algeria.

 

All in all, the cartel decided to cut the total production from 33 million down to 32,5 million barrels a day. For now, this is all we know about the agreement. Still, this agreement is yet to be signed officially during the forthcoming official summit this fall. They say that Nigeria, Libya, and Iran are the only OPEC members to be allowed to avoid production cuts since their production used to be limited for years. They will still be producing crude oil at the same level, but if they decided to increase it, this is definitely going to be capped.

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Will Russia Join OPEC Agreement on Oil Production Cuts?

After OPEC unexpectedly decided to cut their oil production during the unofficial summit in Algeria on September 29,2016, the international community started asking one and the same question, which is whether Russia is actually going to join the agreement. The thing is that Russia was one of the first advocates of this idea and urged every energy nation out there to make this crucial step for their mutual benefit based on higher oil prices and bigger profits from oil exports.

To be more specific, OPEC agreed to cut their oil production down to 32,5 million barrels a day. The agreement is expected to take effect in November 2016. So far, the details of the secret agreement are kept hidden. We don’t even know whether there are going to be some penalties applied to those who violate the agreement. If this agreement boils down only to some declarations, recommendations and intensions to cut the production quotas down to the mentioned level, we don’t have reasons to expect any serious impact made on the global market of crude oil. 

It turns out that OPEC members decided to go back the old practice of quoting their oil production. For those of you who don’t know, OPEC decided to abandon production quotas in December 2015. To be more specific, they decided to increase their production to 100% of the capacity and later make the quotas adjust to it.

At the same time, OPEC members violated the quotas continuously anyway, which leads us to believe that those quotas became useless. For example, OPEC’s oil production was at 32,44 million barrels a day in May 2016. There was no punishment for violating quotas, so OPEC nations started some kind of an oil production race. Everyone started producing as much oils as they wanted. They didn’t worry about the consequences for their fellow-members of the OPEC cartel.

Venezuela suffered most of all from low oil prices driven mainly by overproduction and oversupply.  The local Minister of Oil even warned OPEC that oil prices may crash all the way down to $20/b if OPEC fails to cut the oil production in the near future. Now it seems that the minister was eventually heard.

Now, OPEC nations seem to be ready to address other non-OPEC oil nations to do the same thing they did, i.e. to cut their oil production as well. Aleksander Novak, Russia’s representative was in Algeria as a participant of the International Economic Forum, but he wasn’t invited to the unofficial OPEC meeting since Russia is not an OPEC member. Apart from Russia, OPEC is going to urge other major and minor oil producers to join the agreement.

According to some representatives of the Russian energy sector, Russia is ready to join in and cut its oil production if needed. Moscow may well freeze and even cut its production by as much as 5%. He underlined that the top management of Russian oil companies already approved this step.

Lukoil: Russian private oil firms to limit output if necessary

SOCHI, Sep 30 (PRIME) -- Private oil companies will join the initiative to limit oil production in the country if Russia makes such decision, oil major Lukoil CEO Vagit Alekperov told Rossiya 24 television channel on Friday.
“We wait for the end of November when precise quotas (of OPEC), a precise validity period of these agreements will be defined. We hope this will push oil prices up,” he said.
“In any case, we all are consolidated, we all are interested in the oil price to be fair, in collections both to funds of private companies and the state budget to be big, that’s why we will adhere to the policy that will be developed by our energy ministry,” he said.
Energy Minister Alexander Novak said that Russia will make its proposals for over the oil market stabilization after it receives proposals from OPEC. Certain parameters of production stabilization will be developed in October–November, he said.
OPEC agreed to limit daily oil output at 32.5–33.0 million barrels at an informal meeting on Wednesday. Ceilings for each country will be defined at the organization’s next official meeting on November 30 in Vienna.
Alexei Kudrin, former finance minister and current head of the Center for Strategic Research, believes the reached agreement will allow to stabilize oil prices for one to two years, but doubts that all countries will fulfill the agreements.

source

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OPEC Cuts Oil Production, Oil Prices Go Up

Despite all the skepticism around yesterday’s unofficial OPEC summit, the members of the cartel did finally manage to agree on production cuts for the benefit of higher oil prices as well as a more stable and stronger market of crude oil. Apparently, the breaking news instantly sent oil prices higher all around the globe.

Experts pay your attention to the fact this is the first time since 2008 OPEC cut their production of crude oil. Over the last couple of years, even despite declining oil prices, they have been refusing to implement any production cuts. On the contrary it, it has been all about increasing their production slowly but surely.

To be more specific, the daily production quotas within the scope of OPEC is going to be cut from 33,24 million barrels a day down to 32,5 million barrels a day. At the same time, OPEC is determined to urge other major oil producers to hold their horses as well.

It should be noted that OPEC and Russia are not the only oil nations suffering from low oil prices. Every single oil producer out there doesn’t mind selling crude oil at a much higher prices. When the prices are low, those oil nations have to spend their reserves, which undermines the economic and financial situation in those countries.

As we have mentioned, OPEC’s decision to cut their oil production resulted in a strong in the global market of crude oil. Yesterday alone, the price gained 5% in a matter of hours.

Eurozone: Growth Versus Employment

The Eurozone economy is reported to be slowing down the pace of its growth. More and more economic indicators are confirming this statement. The Eurozone’s Composite PMI, which reflects the situation in both the manufacturing and service sector of the Eurozone, is reported to have lost roughly 3% in September 2016. To be more specific, the index shrank all the way down to 52,6 points. This is the worst result over the last 18 months.

According to Markit, the institute that conducted the survey and calculated the mentioned composite index for the Eurozone, this means that the quarterly economic growth is not going to exceed 0.35 this time.

At the same time, the mentioned research by Markit shows that the gap between the local services and manufacturing sectors keeps on widening. On the one hand, the Eurozone’s service sector is reported to be stagnating while the region’s manufacturing sector is reviving. There is difference between the Eurozone and EU economic as well. The biggest concern is that Germany, the Eurozone’s biggest and strongest economy, is also showing signs of weakness. The thing is that Germany’s private economic sector has shown the weakest performance over the last 16 months.

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