Russian President Vladimir Putin said that the current oil price on the world market is beneficial for Russia, but it is not fair.
According to him, oil prices could be a little higher, but the threats to the Russian economy, the budget is drawn up based on price of $40 per barrel, no.
“The price should be fair. Now there could be a little higher. But having in mind that the budget, as you know, typeset at the rate of $40 per barrel, today’s price of us basically satisfied,” — said Putin at a press-conference on results of the G20 summit in China, RBC.
Putin also noted the need for interaction on the world oil market Saudi Arabia and Russia and called fair Iran’s desire to increase the volume of its oil production to pre-sanctions levels.
Cost of futures for oil Brent with delivery on the ICE exchange in London jumped 5.4% to $49.15 a barrel on the background of the signing by Russia and Saudi Arabia joint statement to stabilise the oil market.
According to TASS, the statement was signed by energy Minister of Russia Alexander Novak and Minister of energy, industry and mineral resources of the Kingdom of Saudi Arabia Khaled bin Abdul Aziz al-Faleh.
Later the energy Ministry said that the sides agreed to continue consultations and joint monitoring working group, not about the freezing of oil production. After this statement the price of oil went down, dropping the total to nearly $47 per barrel.
