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World oil prices

OPEC+ deal added at least $25 to current oil price — Saudi energy minister

Most of that amount goes to the governments, not to the companies, Khalid al-Falih noted

DAVOS, January 26. /TASS/. The OPEC + agreement on reduction of oil production added at least $25 to the current price of oil, Saudi Energy Minister Khalid al-Falih told TASS on the sidelines of the World Economic Forum in Davos.

"My opinion that current price has a least 25 dollars of the current price is result of the deal. And most of that amount goes to the governments, not to the companies," the minister said, responding to a question about the revenues of OPEC + countries in 2017.

On Thursday, Russian Deputy Prime Minister Arkady Dvorkovich said in an interview with TASS that he estimated the additional revenues of the Russian budget raised from participation in the OPEC + agreement at 800 billion rubles ($14 bln).

Read also

Russia to continue coordination with OPEC on oil market after OPEC+ deal is over

According to the International Energy Agency (IEA), additional revenues to the budget of Saudi Arabia as a result of this transaction in 2017 amounted to $100 mln per day, to the Russian budget - $117 million.

Earlier, the Saudi minister, Russia’s Energy Minister Alexander Novak and US Energy Secretary Rick Perry spoke at the main energy session in Davos. Novak and al-Falih said that the growth in the production of shale oil in the US does not threaten the market. The US minister agreed with this saying that the demand will absorb the growth in production. He also stressed that Russia and the United States can cooperate in energy, despite the sanctions regime.

IEA expects explosive growth in the production of shale oil in the US by 260,000 barrels per day, up to 10.4 million barrels per day, which is a record indicator since 1970. Thus, production in the US may exceed production in Saudi Arabia and reach the level of production in Russia.

OPEC member-states and non-OPEC oil producing countries reached an agreement on reduction of oil production (the OPEC+ agreement) in late 2016. The agreement obliges the parties to cut production by a total of 1.8 million barrels per day in comparison with the level of October 2016. Under the agreement, Saudi Arabia and Russia have the biggest cutbacks, which are 486,000 barrels per day and 300,000 barrels per day, respectively.

The deal was initially valid in the first half of 2017 but since then it has been extended twice: first - until the end of March 2018, and later - until the end of 2018. The goal is to remove surplus world oil reserves from the market.

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French president says creating Israeli-type air defense network for Ukraine impossible

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Ukraine turns from sovereign country into Western protectorate, Hungarian PM says

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Three Ukrainian soldiers swim across Dnieper to surrender to Russian troops — governor

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Polish premier refuses to hand over his country’s Patriot systems to Ukraine

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Kiev continues to openly announce terrorist attacks on Russia — diplomat

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Iran suspends flights above several cities amid reports of air attack — IRNA

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Colombian president displays interest in country’s entry into BRICS

Brazilian leader Luiz Inacio Lula da Silva welcomed Gustavo Petro’s initiative, "being committed to promotion of Colombia’s candidacy"

Chinese analyst sees US veto on Palestine as reflection of arrogance, double standards

Wang Wen stated that it’s still very hard to achieve a settlement of the Israeli-Palestinian conflict

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Ukraine convicts 12th world chess champion for recognizing Donetsk, Lugansk republics

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Putin signs law on holding World Friendship Games

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Chinese car plant to start production at former Mercedes site in Moscow region in May

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Lavrov views situation in Middle East as 'very bad'

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French, US, British nukes all interwoven — Russian diplomat

Maria Zakharova described France’s decision to place its aircraft carrier, the Charles de Gaulle, directly under NATO control as a symbolic move marking the end of "the era of an independent Paris in the international arena"

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