Russian oil firms, state budget yield $43 bln from OPEC deal: Novak

13/02/2018 Argaam

 

Russian oil companies and the state budget have gained around $43 billion so far, thanks to a deal with OPEC to reduce oil production, RIA news agency reported, citing Russian Energy Minister Alexander Novak.

 

Additional gains from the deal for domestic companies totaled 700 billion roubles ($12.1 billion), while the budget had gained 1.7 trillion roubles, he was quoted as saying.

 

The agreement has been in place since the beginning of 2017.

 

Novak also said today that global oil inventories are shrinking, despite rising production from the United States.

 

The average oil price for 2018 is expected to be around $60 per barrel, he added.

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