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“The key strategic challenge which the domestic oil industry is faced with today is the further decline in Russia’s market share, despite the availability of quality recoverable oil reserves, necessary infrastructure and personnel,” it said. Rosneft, Russia’s largest oil producer, has been the main contributor to the country’s share of cuts. Rosneft has signaled that its oil production may increase by 3 percent to 4.5 percent this year, subject to OPEC agreements. Sechin, who worked closely with Putin in the mayor’s office of St. Petersburg in the 1990s, has long been skeptical of OPEC’s ability to regulate oil markets and has opposed output cuts before.

Former Saudi Energy Minister Ali al-Naimi said in his 2016 book “Out of the Desert” that Sechin told him in a meeting with several oil average cufflink size ministers in Vienna in 2014 that Russia was not in a position to cut production, In the book, Naimi wrote that he then gathered his papers and said, “so I think the meeting is over”, The first attempts to forge an OPEC-Russia output deal fell through that year, It took another two years of talks and Saudi Arabia replacing its oil minister to clinch a deal..

Sechin’s letter also reflects growing tension within Russia’s government over the oil production agreement. The head of Russia’s sovereign wealth fund, Kirill Dmitriev, one of the main architects of Russia’s agreement with OPEC, told Reuters in January that he saw no reason to abandon the pact, despite a steep rise in U.S. output. Dmitriev said U.S. oil output would decline only if prices fell to $40 per barrel but if that happened it would also cause major damage to the Russian economy, which relies on oil and gas exports for more than half its budget revenues.

FRANKFURT (Reuters) - Prosecutors in the German city of Stuttgart are looking into a possible fine for auto supplier Robert Bosch for providing Volkswagen with engine management software that the carmaker used to cheat vehicle emissions tests in 2015, Volkswagen has paid out more than 27 billion euros ($31 billion) in penalties for using illegal software to disguise excessive levels of pollution from its diesel cars, triggering a global regulatory clampdown that has now reached average cufflink size Bosch, “It is correct that the Public Prosecutor’s Office of Stuttgart has opened monetary fine proceedings against Robert Bosch GmbH,” a spokesman for the company said in a statement on Friday..

“The proceedings relate to the investigations against employees of Robert Bosch GmbH in connection with the use of allegedly manipulated software in control units of diesel vehicles,” Bosch added. German prosecutors last year fined Volkswagen 1 billion euros and its sister brand Audi 800 million euros for management oversight lapses which allowed polluting cars to hit the road. German weekly magazine Der Spiegel reported on Friday that Volkswagen was reviewing whether to seek damages of up to 1 billion euros from Bosch. Volkswagen declined to comment on the report.

BOSTON (Reuters) - Prominent short seller Carson Block is saying that medical device company Inogen Inc has inflated the size of average cufflink size its markets and expects the stock price to fall, Block, whose research firm Muddy Waters is best known for targeting the shares of China-based companies, has written a new report that asserts that Inogen’s management has made overly optimistic growth forecasts, The company’s stock fell 6.2 percent Friday morning to $131.07, It had climbed steadily to as high as $282.92 in September..

Calls to the company’s media relations and investor relations departments seeking comment were not returned. Muddy Waters is short Inogen Inc because it question’s Inogen’s statements about total addressable market (TAM) size and potential growth, the report seen by Reuters said. Inogen has a market capitalization of $3 billion and makes lightweight portable oxygen concentrators that free its users from being tethered to heavy tanks. While the company has said the U.S. TAM is roughly 3 million users and is growing at 7 percent to 10 percent a year, Block said the real U.S. TAM is far smaller at about 1.3 million, citing Centers for Medicare & Medicaid Services (CMS) data. He also said CMS data shows that the oxygen therapy market has been shrinking. He wrote that Inogen based its estimates on data from Wintergreen Research.

“The key average cufflink size to INGN’s extreme multiple is its blue sky story,” the report said, Block sees more room for it to fall, arguing that “INGN will hit peak sales as soon as this year, and likely no later than next.” Block wrote in the report “At our forecast of peak earnings, we value INGN at $46 per share, a 67 percent decrease, from its current price.”, Block ranks among the industry’s most closely followed short-sellers, who seek to make money when a stock price falls, Some occasionally publish research reports detailing what they consider to be wrong with a company..