World Economy

Oil Cut Affects Russia

Oil Cut Affects RussiaOil Cut Affects Russia

The OPEC/non-OPEC production cuts hurt Russia’s economic growth in October, Economy Minister Maxim Oreshkin said Thursday, in the 1st negative comment about the pact from a high-ranking Russian official, Neftegaz reported. “Because of the OPEC deal we have a negative direct impact from oil production, as well as indirect effects related to low investment activity due to production limits,” Oreshkin said. Just after the pact was extended for the first time in May, it was Oreshkin who said that the deal was working and that Russia was “ready to live forever at oil prices $40 or below”.


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