Russia has earned at least an additional $120 billion over the two years of implementation of the Organization of the Petroleum Exporting Countries (OPEC)-non-OPEC deal on oil production cuts, Russian Energy Minister Alexander Novak said.
“Over the two years of the OPEC-non-OPEC deal’s implementation Russia has earned on a low estimate an additional $120 billion,” Novak said in an interview with Russia’s Kommersant newspaper.
The Russian energy minister added that it was difficult to predict how long the OPEC-non-OPEC agreement would remain in place.
“I cannot predict the OPEC-non-OPEC deal’s validity period, we should see how the situation on the [oil] market will be developing. But it is important to understand that the cooperation will be continued in one form or another. The agreement has demonstrated its effectiveness,” Novak indicated.
According to the Russian energy minister, if the world’s oil production is not subject to limitations, with countries fully using their potentials in terms of producing oil, oil prices will fall considerably.
Source: News Agencies