Talks on curbing output have lifted prices as output increased Russian pledge to cooperate on supply deterred short sellers Russia’s decision earlier this year to engage in talks with OPEC about limiting oil output has added more than 400 billion rubles ($6 billion) to the nation’s budget, according to two officials familiar with government calculations. The possibility that Russia could cooperate with the Organization of Petroleum Exporting Countries to shrink the global oil surplus helped lift international crude prices from as low as $27 in January to an average of $44 for the year as a whole. This increase, combined with rising Russian production, has boosted government revenue by 400 billion to 700 billion rubles, said the officials, who asked not to be identified because the calculations haven’t been made public. The estimates show the incentive for Russia, the world’s largest energy exporter, to pursue talks with other major […]