Russian Budget Got Extra $75.37Bln Over 2.5 Years Thanks To OPEC-Non-OPEC Deal - Novak

The Russian budget has got extra 5 trillion rubles ($75.37 billion) over 2.5 years thanks to the 2016 oil cut deal of the Organization of the Petroleum Exporting Countries (OPEC) member states and non-cartel oil producers, Russian Energy Minister Alexander Novak said in an interview with Rossiya 24 TV channel.

MOSCOW (UrduPoint News / Sputnik - 13th December, 2018) The Russian budget has got extra 5 trillion rubles ($75.37 billion) over 2.5 years thanks to the 2016 oil cut deal of the Organization of the Petroleum Exporting Countries (OPEC) member states and non-cartel oil producers, Russian Energy Minister Alexander Novak said in an interview with Rossiya 24 tv channel.

"Over 2.5 years, the budget of the Russian Federation received additional 5 trillion rubles, while oil companies received around 2 trillion rubles," Novak said.

The oil cut deal was reached in 2016, with both groups agreeing to reduce their oil production by 1.8 million barrels per day. �