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Oil production cut in Russia due to OPEC+ deal will be offset within 3 years — Deputy PM

According to Arkady Dvorkovich, this effect will be reached thanks to an increase in investment and a boost of liquidity in the economy

DAVOS, January 26. /TASS/. The factor of restricted oil production as part of the agreement between OPEC and non-OPEN nations that has had a negative impact on the Russian economy will be offset within the next three years thanks to an increase in investment and liquidity, Russia’s Deputy Prime Minister Arkady Dvorkovich said at the World Economic Forum in Davos on Thursday.

"The OPEC+ deal has caused a certain slowdown in growth rates due to the fact that oil is playing a significant role in the economy, and a stagnated production as a result of an organized deal has pushed economic growth rates somewhat down. Nevertheless, it will be offset in the mid-term, within the next three years," he said.

According to Dvorkovich, this effect will be reached thanks to an increase in investment and a boost of liquidity in the economy. "We estimate the effect of OPEC positively both for the budget and for the economy overall," he said.

Earlier Dvorkovich said that Russia in 2017 could earn an extra of 800 bln rubles ($14.27 bln) from participation in the agreement on reduction of oil production.

Russia entered into an agreement with OPEC and other exporting countries at the end of 2016. The deal was in force throughout 2017 and was extended until the end of 2018. As a result of efforts by partners who reduced oil production by about 1.8 mln barrels per day against the level of October 2016, Brent oil price exceeded $50 per barrel and remained above this limit throughout the year.

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