Extension of OPEC+ deal to reduce production will support oil market; it brought more than 7 trillion rubles to Russian budget - RDIF Head

TASS, 29.06.2019

The extension of the agreement on the production reduction, in which Russia participates, after June will support the oil market. It has already increased the budget revenues by 7 trillion rubles, said Director General of the Russian Direct Investment Fund (RDIF), Kirill Dmitriev on Saturday.

"The extension of the agreement on the production reduction will support the stability of oil markets and will contribute to the growth of the global and Russian economy. The strategic partnership within OPEC + has led to the stabilization of oil markets and allows both to reduce and increase production depending on market conditions, which contributes to predictability and increased investment this key industry for the world. The agreement has already increased the Russian budget revenues by more than 7 trillion rubles, "he noted.

OPEC countries, including Russia, will decide on the fate of the deal in the coming months at a meeting in Vienna on July 1-2.