Russian oil supply reached a new high of 11.08 million barrels a day in February, according to the OPEC report, with the country adding 10,000 barrels to its daily production since January. Saudi Arabia increased its daily output by 14,000 barrels in February, to 10.14 million barrels per day. Source: CNN Money
The European Union will seek Asian support for free trade, the Iran nuclear deal and combating global warming at a regional summit on Thursday that includes China, Japan and Russia as a counterbalance to a more protectionist United States. Source: Reuters
Meeting in Russia’s Black Sea resort of Sochi, the Russian and Egyptian presidents have signed what officials describes as a strategic cooperation treaty designed to increase trade, military, and other ties between the two nations. Source: Radio Free Europe
Yesterday, the Hungarian central bank announced it recently boosted its gold reserves 10-fold. According to its website, the National Bank of Hungary (MNB) now owns 31.5 tons of gold, up from 3.1 tons. It was the first significant purchase of gold by Hungary since 1986. Shiff Gold
