MOSCOW, March 27 (Xinhua) -- Russian budget in 2017 may receive additional revenue of 1.5 trillion rubles (about 26 billion U.S. dollars), in case global oil prices stand at the range between 50 and 60 U.S. dollars per barrel, the Russian Energy Minister told the RT TV.
In an interview with the RT TV published on Monday, Energy Minister Alexander Novak said that the rising oil price has a positive effect not only on oil companies, but also on Russian budget.
To shore up persistently weak oil prices, the Organization of the Petroleum Exporting Countries (OPEC) and 11 non-OPEC producers, including Russia, agreed in November 2016 to trim production by a total of 1.8 million barrels per day.
Russia has promised to cut its daily oil output by up to 300,000 barrels in a gradual manner. Novak has said that he expected Russian companies to reach the reduction target by the end of April.