"The agreement with OPEC is working because the stocks of crude oil which have risen greatly in recent years are depleting rather quickly. Therefore, the market is being maintained in a more or less stable condition, and this oil stability is helping to have stability in the Russian economy," Oreshkin said on the sidelines of the St. Petersburg International Economic Forum (SPIEF).
SPIEF, held in Russia's second largest city of St. Petersburg between Thursday and Saturday, is a major global platform for communication between business representatives and discussion of crucial economic issues. Sputnik News Agency is the official media partner of the forum.
The OPEC agreement was supported by 11 non-OPEC states, which joined the deal by promising to jointly reduce oil output by 558,000 barrels per day. Russia pledged to cut production by 300,000 barrels daily. The OPEC has already implemented its commitment while non-cartel countries have implemented over half of the agreed upon cuts.
