OpeOluwani Akintayo
with Agency report
29 January 2018, Sweetcrude, Lagos — Russia’s Deputy Prime Minister, Arkady Dvorkovich, has said the ongoing cut agreement between the Organisation of the Petroleum Exporting Countries, OPEC, and Russia, has added at least $25 to the current oil price.
The minister told news media, TASS on the sideline of the World Economic Forum in Devos last week.
“My opinion that current price has added at least 25 dollars of the current price is the result of the deal. And most of that amount goes to the government, not to the companies,” he said while responding to a question about the revenues of OPEC members in 2017.
OPEC members and its non-OPEC partners agreed in November 2016, to cut production of 1.8 million barrels per day starting from January 2017.
Under the agreement, Saudi Arabia and Russia have the largest cutbacks of 486, 000 barrels per day and 300, 000 barrels per day respectively.
The agreement to rid the market of excess crude oil has since been extended twice until the end of this year.
