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News // Middle East and OPEC

Russia gets $63.5 billion windfall from OPEC+ deal

03 July 2018 , 16:08Tsvetana ParaskovaNeftegaz.RU820

Moscow, July 3 - Neftegaz.RU. Russia’s budget has received more than $63.5 billion (4 trillion Russian rubles) in additional revenues thanks to the production cut deal between OPEC and non-OPEC nations led by Russia that boosted oil prices, Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said in an interview with NTV.

 

«Thanks to the work of President Vladimir Putin with the King and Crown Prince of Saudi Arabia, relations are in a unique phase, and this gives a great boost to the budget. We believe that the Russian budget received an extra 4 trillion rubles thanks to this deal with Saudi Arabia,» Dmitriev said.

 

In February this year, Russia’s Energy Minister Alexander Novak said that due to the higher oil prices as a result of the OPEC-Russia pact, Russia’s federal budget had received so far $27 billion (1.7 trillion rubles) more, while the oil companies received a combined $11 billion (700 billion rubles) more since the beginning of 2017.

 

In May, the Russian finance ministry said that due to the oil price rally, Russia expects its oil and gas revenues to jump fivefold compared to the expected revenues set in its 2018 budget. Oil and gas exports account for around 40 % of Russia’s federal budget revenues.

 

Due to the unexpectedly high oil prices, Russia is currently on track to book a 1st budget surplus since 2011, at 0.45 % of gross domestic product (GDP), compared to previous expectations for a deficit of 1.3 % of GDP.

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