Russia’s decision to enter into negotiations with OPEC to limit oil production has added 400 billion roubles ($6 billion) to the country’s budget, Bloomberg reported, citing two sources.
Cooperation between Russia and OPEC on a production limit helped raise the world’s oil prices from $27 per barrel in January to $44 per barrel. Rising oil prices, combined with an increase in production in Russia, led to an additional 400 billion roubles of government revenue, sources said.
OPEC and Russia will hold informal consultations on Nov. 17 and 18 in Doha, Qatar, during the ministerial meeting of the Gas Exporting Countries Forum, or GECF. As RNS previously reported, OPEC agreed on Sept. 28 at a meeting in Algeria to limit production to 32.5 to 33 million barrels per day but no specific quotas for each country have been determined yet.
A major OPEC meeting will be held on Nov. 30 in Vienna, Austria. Final agreements on the oil-production freeze and production levels for each OPEC member are expected to be set there.