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Russia Has Made $6 Billion From Talking to OPEC

  • Talks on curbing output have lifted prices as output increased
  • Russian pledge to cooperate on supply deterred short sellers
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Iran, Iraq to Miss OPEC Doha Talks

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Russia’s decision earlier this year to engage in talks with OPEC about limiting oil output has added more than 400 billion rubles ($6 billion) to the nation’s budget, according to two officials familiar with government calculations.

The possibility that Russia could cooperate with the Organization of Petroleum Exporting Countries to shrink the global oil surplus helped lift international crude prices from as low as $27 in January to an average of $44 for the year as a whole. This increase, combined with rising Russian production, has boosted government revenue by 400 billion to 700 billion rubles, said the officials, who asked not to be identified because the calculations haven’t been made public.