VIENNA (Sputnik) — Voronkov explained that months-long negotiations and the December 2016 output-cutting agreement between 13 OPEC countries and 11 non-OPEC producers itself contributed to price growth from $30 per barrel to $55 per barrel late last year.
"That, according to some estimates, brought an additional 1.5 trillion rubles [$25.4 billion] to the Russian budget," he said.
Voronkov noted a "breakthrough" in relations between Russia and OPEC, relaying the 13-member cartel's view that it was achieved "at the initiative and thanks to the consistency and persistence of Russia."
OPEC's agreement to cut oil production by 1.2 million barrels per day, a daily cartel-wide cap of 32.5 million barrels, went into effect in January 2017.
Eleven non-OPEC countries, including Russia, joined OPEC and agreed to cut oil output by 558,000 barrels per day. Russia's share of the production cut totals 300,000 barrels per day.
Oil prices are unlikely to reach $100 per barrel in the foreseeable future, instead fluctuating at $50-60 per barrel this year, Russian Permanent Representative to the International Organizations in Vienna Vladimir Voronkov said.
"We are aware that due to a large number of producers unrelated to the agreement [between 13 OPEC and 11 non-OPEC countries to cut production this year], the price of oil in the foreseeable future will not return to values of $100 or more per barrel," Voronkov said.
He cited dominant estimates in forecasting that oil prices in 2017 are most likely to "remain in the corridor of $50-60."
