Russian Foreign Minister Sergey Lavrov said on May 21 that India and the Russian-led Eurasian Economic Union will start negotiations on creating a free trade area this fall. The Eurasian Economic Union was founded in 2015. The member countries are Russia, Kazakhstan, Belarus, Kyrgyzstan, and Armenia.

Russian President Vladimir Putin said in St. Petersburg on May 25 that Russia supports free trade and economic integration, and called on partners in the West and Asia to work hard to achieve the goal of stable development and jointly explore economic growth models that can meet current challenges.

At present, the continued upward movement of oil prices also provides Russia with a good foundation for accelerating economic development. 

As the supply and demand in the international market gradually converged, international oil prices continued to rise this year. New York oil prices have now risen from about $30 a barrel in early 2016 to the current level of about $65. London Brent oil prices have risen from around $30 a barrel. To about 75 US dollars.

Risen of oil price will affect oil pipeline market. As the supply and demand in the international market gradually risen, we should stock more oil and gas pipeline to prevent future pipeline shortage risks.