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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.
