Report: OPEC deal adds 5 tln rbl to Russian budget – RDIF CEO

MOSCOW, Oct 3 (PRIME) -- The Russian budget has received more than 5 trillion rubles thanks to the oil output reduction deal of OPEC and non-OPEC states, Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said in an interview with Rossiya 24 television channel broadcast on Wednesday.

“Cooperation with Saudi Arabia is also moving on from the initial agreement on stabilization of oil prices that added more than 5 trillion rubles to the Russian budget, we are working together in a range from technological cooperation to cooperation on a large amount of investment projects,” he said.

In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement to cut the output by 300,000 barrels daily as compared with the level of October 2016. In 2017, the deal was prolonged until the end of 2018. In June, the participants decided to raise the output by 1 million barrels of oil per day.

(65.2221 rubles – U.S. $1)

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