OPEC oil deal hurting Russian economy

MOSCOW: Russia´s economic growth in October was negatively affected by a global deal between members of OPEC and Russia to curb crude oil production, Russia´s economy minister said on Thursday.
Maxim Oreshkin´s comments are the first by a senior Russian official giving a negative assessment of the deal, in which Russia joined OPEC and others in cutting output from January by about 1.8 million barrels per day (bpd) to end a supply glut.
The minister was speaking a week before Russia and the Organization of the Petroleum Exporting Countries meet in Vienna to discussing an extension of the pact to curb output, possibly to the end of 2018. It is now due to expire on March 31. Under the deal, Russia agreed to cut output by 300,000 bpd from its level in October 2016."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.