"OPEC and independent producers agreed to cut oil production by half a year in 2016. In May of this year, the agreement participants decided to extend the production restriction until March 2018."
Against the backdrop of rising oil prices, the Russian budget may receive up to 250 billion rubles in additional revenues by the end of 2017.
On October 26, the Crown Prince of Saudi Arabia, Mohammed bin Salman Al Saud, announced his intention to support the extension of the contract of the Organization of Petroleum Exporting Countries (OPEC) and independent producers on the reduction of oil production.
The day before, the head of the Ministry of Energy of Russia, Alexander Novak, said that Moscow was ready to increase oil production by 3.5-4 million tons unless the contract on limiting production was extended.
