More than 237,000 fans attend Confederations Cup matches already - Deputy PM MutkoSport June 24, 15:03
Sistema's president hopes for dialogue with Rosneft on settlement agreementBusiness & Economy June 24, 14:56
CNN deletes article about meeting between Scaramucci and Russian Direct Investment FundWorld June 24, 13:12
Ukrainian Army units shell Donetsk Republic in first hours of newceasefireWorld June 24, 5:19
Politician says Russia vs Mexico football game will be interesting to watchSport June 23, 21:11
Kyrgyz president sees revival of relations with Russia as major result of his tenureWorld June 23, 20:49
Ex-premier says initiative to impeach Poroshenko stems from Ukraine’s economy collapseWorld June 23, 20:20
This week in photos: Confederations Cup opening and summer solstice celebrationsSociety & Culture June 23, 19:11
Turkish ambassador to Russia: Moscow and Ankara to join efforts in war on terrorWorld June 23, 18:45
ST. PETERSBURG, June 3. /TASS/. Russia’s macroeconomic policy no longer depends on oil prices, as it is developing from oil price of $40 per barrel, Russian Economic Development Minister Maxim Oreshkin said at the St. Petersburg International Economic Forum 2017 (SPIEF-2017).
"In the next 9 months of the OPEC agreement the market will see declining reserves that will support short-term oil prices. The Russian economy, in fact, does not care about oil prices. We base or entire macroeconomic policy on the oil price of $40 per barrel," Oreshkin said, commenting on the impact of extending the OPEC agreement for another 9 months.
He noted that the agreement is very important in terms of stabilizing the situation with stocks. "Inventories are declining, this year we have already entered into a period of high demand. The reserves will be reduced and normalized faster. We must reach the level of stocks average over the past five years, thus the market will return to normal," the Minister explained.
On May 25, OPEC has decided to extend the agreement to reduce oil production until April 2018. The quota for reduction of production by the OPEC countries and 11 independent oil producers remained the same - 1.8 mln barrels per day (Russia accounts for 300,000 barrels).
At the end of last year, OPEC and 11 countries outside the cartel agreed to withdraw 1.8 mln barrels per day from the oil market in the first half of 2017. The goal of the alliance is to reduce global oil reserves to an average level of five years - to about 3 bln barrels.