Russia earned 30 trillion rubles from the OPEC+ deal – Kommersant
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The head of the Russian Direct Investment Fund (RDIF), Kirill Dmitriev, said that the OPEC+ deal concluded in November 2016 brought 30 trillion rubles to the Russian state budget over seven years.
“All this is the result of very close, trusting cooperation between Saudi Arabia and other OPEC members. Russia, Saudi Arabia, and other OPEC+ countries show an example of constructive, creative cooperation that is useful for the whole world,” the fund’s press service quotes Mr. Dmitriev.
The OPEC+ agreement has become “one of the most important deals for the world over the last decade,” the head of the RDIF noted. According to him, the significance of the deal for the Russian budget is evidenced by the fact that it made it possible to stabilize prices around the world, supply and demand. RUB 30 trillion received as a result of the agreement. more than $300 billion that were frozen by unfriendly states after the outbreak of hostilities in Ukraine, Kirill Dmitriev emphasized.
On November 30, 2016, 13 OPEC member states agreed to reduce oil production. On December 10, 11 more non-OPEC countries joined the agreement: Russia, Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Sudan, Equatorial Guinea (joined OPEC later, in 2017) and South Sudan. All participants in the agreement, which began to be called OPEC+, agreed to reduce total production by 1,758 thousand barrels per day (b/d) compared to the October 2016 level. Russia reduced production by 300 thousand bpd. Subsequently, the agreement was extended several times with various adjustments.
Read more about the current situation in the oil market in the Kommersant article. “Is the oil market running out of candy?”.
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