MOSCOW (Sputnik) — The current trend of recovering oil prices has been showing positive outlook for economies of Russia and Brazil to move out of recession in 2017, the Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report.
"Russia and Brazil are forecast to move out of two years of recession in 2017 and to grow by 0.8% and 0.4%, respectively. As in other commodity producing economies, this outcome depends on commodity price levels. But recent developments in oil prices point at a positive trend," the December report reads.
According to the cartel, the series of OPEC and non-OPEC meetings, which culminated in the December 10 agreement to cut oil production for the organization by 1.2 million barrels per and 558,000 barrels for other major oil producers including Russia, moved crude futures prices sharply higher in the first weeks of December.
