OPEC Oil Output Cut Deal to Have Short-Term Positive Impact on Russian Economy

Russia's Sberbank CEO German Gref said that the agreement between Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries on oil output influenced a jump in oil prices.

MOSCOW (Sputnik) — The agreement between Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries on cutting oil production has a short-term positive impact on Russian economy, Russia's Sberbank CEO German Gref said on Tuesday.

"It [OPEC deal] already did have an impact. There was a jump in prices. In the short term, this is a very positive step, it will balance the macro-economy," Gref told journalists.

He pointed out that to make any conclusions regarding the implementation of the deal would be possible only six months after.

"The mechanisms to monitor compliance with agreements have always been the biggest OPEC’s problem. Let's hope that the implementation of commitments will work out this time," Gref added.

On November 30, the OPEC agreed to cut crude oil output by 1.2 million barrels per day to 32.5 million barrels per day from January 2017. Non-OPEC countries will reduce their production by 558,000 barrels a day, with Russia agreeing to cut its oil output by 300,000 barrels per day.