The oil price downturn prompted upstream companies to cut more than $370 billion in CAPEX worldwide for 2016 and 2017. As a result, Wood Mackenzie expects 7 billion fewer barrels of oil equivalent globally through 2020. Seventy percent of these volumes will be lost from U.S. Lower 48 production through 2017. Source: Rigzone
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China’s GDP rose from 54 trillion to 80 trillion yuan (about 12.1 trillion U.S. dollars) over the past five years, Xi Jinping said Wednesday. Source: People’s Daily
Turkey’s overseas assets rose by 5.1 percent in the first eight months of 2017, the Central Bank said on Oct. 17. The country owned external assets worth $226.5 billion at the end of August, compared to $215.5 billion at the end of last year. Source: Hurriyet Daily News
Turkey and Poland have signed five deals, aiming to increase the bilateral trade volume to $10 billion annually, Turkish President Recep Tayyip Erdoğan said during a visit to Warsaw on Oct. 17. Source: Hurriyet Daily News