Russian Energy Minister Alexander Novak revealed in a report published on Tuesday the volume of gains, which have been on Russia since the implementation of the agreement to reduce the production of oil concluded with OPEC, so far.
        The Russian Ministry of Energy quoted Novak as saying that the additional budget gains from the agreement, which came into effect in early 2017, amounted to 700 billion rubles (12.11 billion dollars), while the Russian budget earned 1.7 trillion rubles (29.42 billion dollars). [19659002] This means that the total additional revenue Russia has so far earned from the agreement is $ 41.5 billion.

Министр @ novakav1: Бюджет РФ получил 1,7 у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у у [ – Минэнерго России (@MinenergoGov) February 13, 2018

Producers from inside and outside OPEC, led by Russia and Saudi Arabia, reached an agreement by the end of November 2016 to reduce production by 1.8 million barrels per day.

Production cuts will continue under the agreement in 2018, To support oil prices and stabilize the crude market, absorb excess supply and return oil stocks to an average in 5 years.

It is noteworthy here that oil prices rose from $ 57 in early January 2017, the date of implementation of the agreement, to be traded Tuesday at level 63 Dollars per barrel.

        
        
                Bloomberg

        
        
The price of the barrel of the global Brent blend in 5 years

Source: Agencies

Fred Geerley

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