VLADIVOSTOK, September 4. /TASS/. The cumulative effect of the OPEC+ deal for Russia has already exceeded 350 bln euro, which significantly exceeds the Russian reserves blocked by the West, CEO of the Russian Direct Investment Fund Kirill Dmitriev told TASS on the sidelines of the Eastern Economic Forum 2024 (EEF-2024).
"We believe that at the moment the cumulative effect of the OPEC+ deal for Russia has exceeded 350 bln euro, which is much higher than the arrested Russian reserves," he said.
Dmitriev believes this represents an example of Russia's interaction with the countries of the global south. "Therefore, not only this cumulative effect is important, which is certainly very large, but this is an example of how we interact with countries of the global south to stabilize markets, which shows that we can also cooperate in other industries, other areas, to make markets stable and predictable," he added.
The agreement to limit oil production between OPEC countries and 11 countries outside the cartel was signed on December 10, 2016, amid falling global energy prices. The participants in the agreement began to be referred to in the media as the OPEC+ alliance. The agreement has been extended several times, and its parameters have changed depending on the situation in the global oil market. At the OPEC+ meeting in June this year, the alliance countries agreed to extend the agreement until the end of 2025.
The Eastern Economic Forum (EEF-2024) is underway on the campus of the Far Eastern Federal University in Vladivostok on September 3-6, 2024. The main theme of the EEF in 2024 is "Far East 2030. Combining strengths to create new potential."
The EEF is one of the largest international conferences in Russia. It has been held in the Primorsky Region’s Russky Island in Vladivostok since 2015. The Forum is the initiative of Russian President Vladimir Putin, who decreed that the event be held annually.
The forum's objectives and goals include promoting the accelerated growth of Russia’s Far East region; assessing its potential for exports; expanding international cooperation in the Asia-Pacific Region; showcasing the investment appeal of the region, its steadily progressing territories, and the Vladivostok free port.
The Roscongress Foundation has served as the Forum’s organizer since 2016. TASS is the general information partner of the EEF.