Despite a range of negative conditions, the Russian oil industry increased its oil production all the way up to another record in 2016. Still, a lot of experts assume that this tendency is likely to reverse in the near future. If that’s the case, the oil production volume in Russia will start dropping.
Oil prices stabilized by the end of the trading session after suspending the downtrend. In particular, WTI and Brent oil prices managed to set new major lows. More specifically, they reached the lowest levels since February 2009. WTI oil ended the trading session at $37.51 per barrel, which is 0.37% below the previous close. Brent oil dropped by 1.2% down to $40.26 per barrel.
The new wrist band by Sony called Sony SmartBand 2 is getting more and more popular worldwide. At this point, this is one of the most popular smartwear devices out there. Sony introduced several wrist bands in early 2015. Well, the year is still not over but Sony decided to introduce the next generation of its wrist band - SmartBand 2 SWR12.
The new version of the best-selling series by Samsung named Samsung Galaxy S7 is probably going to be redesigned and look completely different from the rest of he family in general and the Galaxy S6 series in particular. Some insider report that design is not the only new thing Samsung is going to apply to the new device. They say that manufacturer is going to make changes to the technical specifications as well.
According to 9to5Mac with reference to some reliable sources, Apple is planning to announce Apple Watch 2 in March 2016. They say this may happen along with introducing iPhone6c with a 4-inch display. Masterforex-V Academy says there are too many rumors about iPhone 6c. If to believe some of those rumors, the device is going to get the next generation CPU which is A9. At the same time, it will support Apple Pay and is expected to cost $499.
Saudi Arabia, which is considered the informal OPEC leader, announced its readiness to back oil production cuts in case other OPEC members like Iran and Iraq as well as non-OPEC members like Kazakhstan, Mexico, Oman and Russia do the same.
Friday's OPEC summit seems to have failed to come up to our expectations. The thing is that the trading community had expected an oil production cut or at least no change in these terms. However, I dare assume that none of you can say they were betting on another production hike by OPEC. Apparently, a production cut may have stabilized the situation in the global market of crude oil. Even if there had been no change made, the prices would have felt less downward pressure. Still, despite the increasing oversupply of crude oil in the global market, OPEC is not going to cut the oil production. On the contrary, they cartel is reported to have raised the bar from 30 million all the way up to 31.5 million barrels a day. At least this is what Bloomberg reports. This triggered a slowdown across the oil market and outside of it. Later on, the Iranian Minister of Oil disproved the rumor by saying that OPEC that production quotas hadn’t been added to the agenda at all.