February 13, 2018 / 9:54 AM / in 10 months

Russia's Novak says oil companies, state yield $43 billion from OPEC deal

Russian Energy Minister Alexander Novak addresses a news conference after an OPEC meeting in Vienna, Austria, November 30, 2017. REUTERS/Heinz-Peter Bader

MOSCOW (Reuters) - Russian oil companies and the state budget have gained around $43 billion so far thanks to a deal with OPEC to cut oil production, Russian Energy Minister Alexander Novak said on Tuesday, according to RIA news agency.

He was quoted as saying that additional gains from the deal for domestic companies totaled 700 billion roubles ($12.1 billion), while the budget had gained 1.7 trillion roubles.

The agreement has been in place since the start of 2017.

($1 = 57.8775 roubles)

Writing by Vladimir Soldatkin; Editing by Dale Hudson

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