Архив рубрики: Economic and Business News

Increase in oil prices in Europe

Opec, the oil exporters club, last year pulled back on production to put a floor under the price. Now, their concern is that they need to put a ceiling on it.

The price of that familiar benchmark barrel of Brent crude oil, from the waters off Aberdeen, has been rising in recent days, reaching $69.30 on Wednesday.

It was at $45 last July. It dipped to $30 two years ago. But in summer 2014, it was at $115.

Good news for oil producers, after three very tough years. Not so much for oil consumers. Forecourt prices are clearly on the rise.

So, some questions. Will the price keep pumping upwards? What impact does this have on the industry and on tax revenue in Britain? And (an old favourite, this) on the case for or against Scottish independence? But first…

Will it continue?

That’s where the other side of the market fundamentals come in: supply.

Opec pulled back output to bolster the price, and for the past year, it has had the desired effect. The price of Brent crude bobbed happily around the $50-$60 zone.

The agreement to continue that supply constraint throughout 2018, agreed with non-Opec Russia, seems to have bolstered the price more than expected. The Opec market modelling many not have foreseen the strength of global demand feeding through from growth.

But there are market analysts who don’t see the current price as being supported by the data they’re looking at.

And the Iranian energy minister has given verbal warning that Opec is not happy about the price nearing $70 — the first sign that the cartel could take action to lower it, by turning the taps on.

To answer the question, a key number to watch is the Baker Hughes land rig count. That company has been counting US drilling rigs since 1944, sending investors a signal of industry activity.

Across the US, the count is up by by 259 in the past year to 924 by 5 January. The last year’s growth has been fastest in the south. The Texas rig count has risen by 127 since the start of last year, to 454. In the state of New Mexico, it is up by 39 to 76.

Shale fracking drillers are back at work because the price is now high enough to justify the investment. They can quickly push up production. The US government’s energy analysts have pushed up their forecast of output by four times in the past few months.

It’s reckoned it could top 11 million barrels per day, or more than a ninth of global production.

You might think Opec should welcome higher prices: what they don’t welcome at all is a higher US market share.

It gives you some sense of the turnaround in that part of the industry if you look at the share price of Glasgow-headquartered Weir Group, which is a leading supplier of fracking equipment. That was at 848 pence in January 2016. Today, it’s trading in London at around 2300 pence.


European Bellyness flashmob 8-9-10

Be part of the Language Parade Flashmob!

Three days in September will be the 8-10 the Parade of Dance and Foreign Languages ​​in the Millennium Park in Budapest


Varga Mihaly

Dear Visitor,
Dear Reader,

Hungary is deeply honoured that Budapest can host the Gateway to Health exhibition and the related conference.

The health industry, which has been one of the most dynamically developing economic sectors, has been characterized — besides fierce global market competition — by strong demand for international cooperation that is also necessary for research and development, the success of the pharmaceuticals industry and the introduction of new technologies.

This exhibition is a great opportunity for participants to present health industry results and achievements as well as plans for the future. In addition, this event also serves as a networking forum for partners who can thus multiply the chances of success.

Hungary’s foreign policy has been following a new direction for years: we want to bolster economic relations with Asian countries, the economies of which have managed to expand even during the crisis years. Under this policy, we place special emphasis on fostering financial and economic relations with the People’s Republic of China. This exhibition implies, given the high number of participants from the Central and Eastern European region, that more and more countries are joining us in these efforts.

As an open economy and as part of the CEE region, which is increasingly regarded as the driving engine of the EU, it is in Hungary’s best interest to facilitate cooperation in, among others, the health industry.

Hungary’s pharmaceuticals production and research sectors, which have deep historic roots, indisputably belong to global market leaders.

Mihály Varga

Official opening date: June 19, 2017 14: 00-17: 00
Location: Millennium Park Building B, 1024, Peninsula Square

Exports of oil from Russia increased in 2016

Exports of oil from Russia increased in 2016 to 254.8 million tons

Exports of oil from Russia increased in 2016 by 4.2% in annual terms to 254.8 million tons, according to Rosstat. At the same time, exports in December 2016 declined by 3.4% in annual terms, but increased by 3.7% compared to November 2016 to 21.4 million tonnes. For refining in Russia in 2016, 284.5 million tons of oil were delivered (-1.3% in annual terms), including 25.2 million tons in December 2016 (-0.7% in annual terms, But + 3.1% to the indicator in November 2016).


Meanwhile, oil production in Russia grew by 2.5% last year to 547.6 million tons. Including in December 2016 production amounted to 46.1 million tons (+ 1.1% in annual terms and + 0.9% to the indicator in November 2016).

The share of oil in Russian exports in 2016 was 25.8%, in the export of fuel and energy products — 44.4% (26.1% and 41.4% in 2015, respectively).

The average export price for oil in December 2016 was $ 339.1 per ton (+ 3.9% compared to November 2016), for Urals oil — $ 380.2 per ton (+ 18.7%).

In December 2016, Russia produced an average of 10.509 million barrels of oil per day, in November — 10.424 million, in October — 10.754 million barrels of oil.

In OPEC countries in December 2016, an average of 33.085 million barrels of oil per day, in November — 33.305 million, in October — 32.955 million.

More Russian emigrants return home

More Russian emigrants return home, report disappointment with EU.

About 150 thousand people returned to Russia from foreign countries in 2016, the interior ministry said. State support for repatriates and the anti-Russia campaign in Western countries were the top reasons given.

According to the report, quoted by Izvestia daily, the total number of people who returned to Russia from foreign nations in 2016 was 146,585. Most of them returned from former Soviet republics, but as many as 30,000 people returned to Russia from EU countries, the report reads.

Head of the Upper House Committee for International Relations Konstantin Kosachev told Izvestia that the phenomenon could be explained in part by the surge in anti-Russia propaganda in the West, and the general public’s subsequent change in attitude to Russians after 2014. “The demonization of Russia, its citizens and ethnic Russians who live abroad is an additional motivation for people who make the decision to return to their motherland,” the senator said.

One woman, identified as Natalia, told Izvestia that the “intolerable” levels of Russophobia had forced her to leave the Czech Republic where she worked as an art gallery director.

In recent times the situation has become really unbearable. Russophobia reached such levels that in Prague, for example, one could see cars with anti-Russian slogans and people could remand you for speaking Russian in the street. This unfounded hatred for Russia has become the main motive for me as I decided to return home after living in the Czech Republic for 19 years,” she said.

A man called Yan, who has lived in Paris for over 20 years, told the newspaper that he personally knew about 20 people who had decided to return to Russia because of the changed attitude of the French. 

Residence and Employment of Foreigners in Hungary

As in EU law, domestic immigration rules classify foreign citizens into two groups: EEA nationals with the right of free movement and residence and third-country nationals.

Schengen Visa

EEA nationals may enter the territory of Hungary and stay there for a period not exceeding three months with a personal identification document or a valid travel document.


  • is residing in the country for the purpose of gainful employment;
  • has the necessary financial resources to keep himself/herself and his/her family members during the period of residence and certifies that he/she has insurance or ensures cover for the use of health-care services;
  • arrives for the purpose of following a course of study and satisfies the conditions in the previous point.

The EEA national is required to register in person with the relevant regional immigration authority according to his/her future domicile within 93 days of the time of entry and provide his/her personal data. The applicant must certify compliance with the conditions of residence by presenting the necessary documents to the immigration authority.

The EEA national receives a registration certificate (card) certifying registration and the date of registration.

— An EEA national who has resided legally and continuously within the territory of Hungary for five years receives permanent residence status.

Under certain conditions an EEA national engaging in gainful employment is entitled to permanent residence before the end of the five-year residence period (e.g. upon reaching the age of the old-age pension or in the case of incapacity to work due to accident or illness).

gerb_huThird-country nationals

Third country nationals may enter the territory of Hungary for the purpose of residence for a period not exceeding three months with a personal identification document or a valid travel document according to the conditions set out in the Schengen Borders Code . Compliance with the conditions of entry and residence must be certified at the time of crossing the border. A third-country national holding a valid residence visa or national visa is authorised to remain in the territory of Hungary after the period of residence authorised in the visa expires with a residence permit.

The most common purposes of residence exceeding three months are: studies, research, official purposes, visits, medical treatment, humanitarian purposes. A residence permit for the purpose of gainful employment issued by the Hungarian immigration authority is necessary for the employment of a third-country national in Hungary.

In addition to personal identification documents, the following documents, among others, must be attached to the application for the residence permit:

  • a work permit issued by the competent labour authority;
  • the work contract;
  • a document certifying accommodation in Hungary;
  • certification of the qualifications required for the job etc.

The period of validity of the residence permit for the purpose of gainful employment is a maximum of three years and it may be extended for another three years. In the case of activities requiring a work permit, the period of validity of the residence permit corresponds to the period of validity of the work permit.