Novak: Russia to receive additional $26 bln

Russia's budget in 2017 may receive additional revenues of some 1.5 trillion rubles ($25.9 billion) if global oil prices stand at the range of $50-$60 per barrel, the Russian Energy Minister Alexander Novak said.

"We have estimated that if [oil] prices stand at the level, which is within the range of $50-$60 per barrel, the added value for the budget could be around 1.5 trillion rubles in a year," Sputnik cited Novak as saying.

According to the official, such issues as the market situation, volatility and the ruble-dollar rate were among the factors affecting the oil prices.

The minister added that he expected the price of Brent crude oil to average $50-60 per barrel in 2017.

On November 30, 2016, OPEC countries agreed in Vienna on reducing oil production by 1.2 million barrels per day, with a daily cartel-wide cap standing at 32.5 million barrels. Non-OPEC countries agreed to reduce output by 558,000 barrels a day. Russia pledged to cut production by 300,000 barrels daily.