The Russian Agency of International Information reported the statement of the Minister of Energy, Alexander Novak, who said that the agreement to reduce the production of oil with OPEC has generated about $ 43 billion so far on the Russian oil companies and the state budget.
He added that the additional companies' profits from the deal amounted to 700 Billion Rubles (12.1 Billion Dollars) while the budget earned 1.7 Trillion Rubles, according to Reuters.
The Russian Energy Minister noted that the world oil stocks are declining despite the increase in production in the United States. And the expected average price of oil this year would approach $ 60 a barrel.
Novak said global oil inventories were falling despite increased production in the United States.
In his speech before a committee of the Russian parliament, Novak said, "We look at the situation as a whole and see that stocks shrink anyway. And the increase in rock oil does not cover both the increase in demand and the decline in production."
The US Energy Information Administration raised its forecast last week for the US oil production by 1.26 million barrels per day to 10.59 million barrels per day in 2018. It also raised its forecast for production growth in 2019 slightly to an increase of 590 thousand barrels per day to 11.18 million barrels per day, which surpasses Russia, the largest oil producer in the world.