Russia’s budget has received an additional US$120 billion since Moscow’s cooperation deal with OPEC started two years ago, Russian Energy Minister Alexander Novak told local business daily Kommersant in a wide-ranging interview published on Tuesday. Discussing the initial and the latest deals between OPEC and the cartel’s Russia-led non-OPEC partners, Novak said that although the specific price of oil is not as important for Russian companies as it is for other countries, low oil prices create other challenges for Russia’s state budget. A slump in oil prices could affect the ruble-U.S. dollar exchange rate and the inflation rate, as well as create uncertainties about the economy and budget plans, Novak told Kommersant. “Over the two years in which the OPEC+ deal has been in force, Russia has additionally earned US$120 billion, according to the lowest end of estimates,” Novak said. Therefore, it is important to assess the results of […]