Global economy to benefit from OPEC+ output decision: RDIF chief

The OPEC+ decision to cut crude output by 1.2 million barrel per day (mbd) will stabilize global markets and have a positive impact on the growth of global economy, Russian Direct Investment Fund (RDIF) chief executive Kirill Dmitriev said in an emailed statement to Argaam on Monday.

"The previous OPEC+ decision generated an additional 6 trillion roubles for the Russian budget while profits of Russian oil companies grew 2.5 times in the first nine months of 2018," he noted.

Dmitriev said that the production cut decision demonstrates “the commitment of the oil nations to long-term agreements through the OPEC+ format and highlights the importance of cooperation between the world’s biggest oil producers — Russia and Saudi Arabia.”

Addressing a press conference last week after announcing OPEC+ decision, Saudi Energy Minister Khalid Al-Falih said the Kingdom’s production would decline to 10.2 mbd in January, down from 10.7 mbd expected in December.