OPEC+ deal to ensure stability of oil price, that is positive for Russia

opec deal to ensure stability of oil price that is positive for russia

The OPEC+ deal curbing oil production will ensure stability of the oil price, which is positive for Russia, First Deputy Prime Minister and Finance Minister Anton Siluanov told reporters on the sidelines of the United Russia party congress on Saturday.

"What does it mean? [It means] that we imply some stability on the oil market, which is good, which is positive when a joint scheduled step is approved. It is positive for all countries as energy prices become predictable. It is important for Russia," he said.

On Friday, OPEC agreed to reduce oil production by 1.2 mln barrels per day in the first half of 2019 as part of the OPEC+ deal.

Russian Energy Minister Alexander Novak said that the oil price within a range of $55 to $65 per barrel might become the most balanced in the future both for producers and consumers. According to Novak, preserving the current oil price and its lesser volatility could be most beneficial for Russia, taking into account both revenues to the budget and balance on the domestic market.

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