Russia Is Making More Money From OPEC+ Deal Than Saudi Arabia - Bloomberg:
Russia has earned more money this year from the OPEC+ deal than Saudi Arabia, underscoring how the kingdom has carried a greater share of the burden of production cuts.
Saudi Arabia on average has cut production almost ten times deeper than Russia since the countries joined forces at the end of 2016, according to estimates in the International Energy Agency’s monthly oil market report published on Friday. Yet Riyadh has received just three quarters of the additional financial benefit enjoyed by Moscow, the data show.
Russia has earned an average of $670 million a day in gross crude oil revenues in 2019. That’s $170 million a day more than in the last quarter of 2016, when the Organization of Petroleum Exporting Countries and its partners reached the first production-cuts deal, the IEA said. Saudi Arabia has been earning $630 million every day since the start of the year, up $125 million compared to the fourth quarter of 2016.
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