Having exited the deal, Russia will be able to overcome stagnation in oil production, which threatens to become the longest since Soviet times. Despite a 9 percent decrease, Urals spot prices in Northwest Europe were still one and a half times higher in 2019 than in 2016 ($63.3 versus $41.1 per barrel, according to Refinitiv), when the first OPEC + agreement was signed. As a result, the Russian budget again, as in 2017-2018, received additional income, which reached 6.2 trillion rubles (just over $100 billion) from the moment the deal was concluded, as follows from estimates of the Russian Ministry of Energy. Growth Above Expectations Thus, the deal once again proved its effectiveness, which turned out to better than the initial market expectations. For example, in 2016, the World Bank and the US Energy Information Administration ( EIA ) predicted that between 2017 and 2019, the average Brent price […]