Russian Deputy Prime Minister Alexander Novak said the OPEC+ group of leading oil producer will continue to play a decisive role in global oil market stabilisation.

He also said in a column for the Russian energy ministry’s in-house magazine published on Thursday that the formation of OPEC+ in late 2016 had generated more than 30 trillion roubles ($315 billion) in additional earnings for the Russian federal budget.

“The key potential for increasing oil production lies with the participants in the OPEC+ agreement. Therefore, the deal, of which our country is an active participant, will continue to play a decisive role in stabilising the world market,” Novak said.

“The OPEC+ agreement allows us to ensure a fair price for oil.”

Novak also said that Russian pipeline gas exports, including to former Soviet Union countries, may increase to 197 billion cubic metres by 2036.

That would still be below the more than 230 bcm per year exported before the COVID-19 pandemic in 2020.
Source: Reuters (Reporting by Vladimir Soldatkin and Oksana Kobzeva; editing by Jason Neely)