Russian budget gets $65 billion boost from OPEC oil production cut deal


Mr Trump took another swing at his European allies saying they dealt unfairly with the U.S. over trade. "We believe that the Russian budget received an extra 4 trillion rubles thanks to this deal with Saudi Arabia", said the head of RDIF Kirill Dmitriev in an interview with Russia's NTV channel.

Jahangiri's remarks came a day after Trump said that Saudi Arabia's King Salman had agreed to his request to ramp up oil production.

"Iranian crude oil will be offered on the bourse and the private sector can export it in a transparent way", First Vice President Eshaq Jahangiri told an economic event in Tehran broadcasted live on state television.

"The (Iranian) government has a plan. and God willing we are certain that we will be able to sell as much oil as we want", he said. Earlier this year, to the chagrin of European partners, Trump said he would pull the United States out of the Iran nuclear agreement secured by world powers.

The US "down to zero" plan rests heavily on banning India and China from buying from the Iranians, and while Indian companies have suggested they will dial it back, China remains in the nuclear deal and nearly certainly won't give in to US demands.

Iran has urged fellow OPEC members to refrain from any unilateral measures to increase oil production.

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Referring to reports that Saudi Arabia may increase its oil exports to replace Iranian oil in world markets, Jahangiri said: "Anyone trying to take away Iran's oil market (share) would be committing great treachery against Iran and will one day pay for it". "As we are all in agreement to depoliticize our efforts in the OPEC, we should not let others take politicized measures targeting OPEC's unity and independence".

In December 2016, OPEC, Russia, and other major producers agreed to curb production by 1.8 million barrels per day (bpd) for six months.

"They seek to push Iranian exports of crude, condensate, and oil products to zero", energy consultancy FGE said in a note.

Iran is among the nations with the highest oil serves, along with Saudi Arabia, which is the world's leading exporter of oil.

The official Saudi Press Agency confirmed a phone call between Trump and Salman about oil, but mentioned no specifics and the White House later struck a more cautious tone, saying in a statement the two leaders had "reaffirmed their dedication to a healthy and stable global energy market".