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Russia’s extra budget revenues since launch of OPEC+ deal total $107 bln, says RDIF CEO

Kirill Dmitriev also noted that markets are stable and investments are flowing to the markets

SOCHI, March 15. /TASS/. Additional revenues of Russia’s budget since the launch of the OPEC+ agreement have reached 7 trillion rubles ($107 bln), Chief Executive Officer of the Russian Direct Investment Fund Kirill Dmitriev told reporters on Friday.

"Obviously, it is necessary to maintain the coordination mechanism, which is very actively working between OPEC and non-OPEC countries. It has proved efficient, not only due to the fact that Russia received 7 trillion rubles worth of extra state revenues, but also that markets are stable and, subsequently, investments are flowing to the markets, which is extremely important," he said.

OPEC member-states and 11 independent oil-exporting countries, including Russia, entered into an agreement to reduce oil production in late 2016. Since that time, the deal has been repeatedly extended.

In December 2018, OPEC+ countries decided to cut production by 1.2 mln barrels per day from the level of October 2018. It is planned that OPEC nations will reduce output by 800,000 barrels per day, while the remaining countries - by 400,000 barrels. In particular, Russia will cut production by 228,000 barrels per day.

The deal covers the first half of 2019 and may be revised in April.