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Russia earned additional $120 billion after OPEC deal

December 25, 2018/ 08:10

Moscow. Russia has earned at least $120 billion over the two years after signing an agreement with OPEC+ countries due to oil price adjustments, Russian Energy Minister Alexander Novak told in an interview.

"Over the two years of the agreement with OPEC+, Russia earned at least an additional $120 billion, according to estimates. That's why it is important to assess the effectiveness of cooperation with OPEC countries for the state as a whole," Novak said.

The energy minister talked about smaller numbers before. He told Rossiya 24 TV channel on December 13 that Russian oil companies earned an additional 2 trillion rubles ($29 billion) since the agreement was signed, and the federal budget received around 5 trillion rubles ($72.9 billion), informs TASS.

Russia and OPEC signed an agreement on cooperating in stabilizing the oil market at the end of 2016. The agreement also includes other non-OPEC countries - Kazakhstan, Azerbaijan, Mexico, Oman and others.

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