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Russia considers $60 per barrel balanced price for oil — Putin

May 25, 2018, 19:50 UTC+3

Consultations within the framework of OPEC+ oil production capping agreement will continue, Putin says

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© Vladimir Smirnov/TASS

ST PETERSBURG, May 25. / TASS /. Russia considers the price of oil at $ 60 per barrel to be balanced, said Russian President Vladimir Putin at the 2018 St. Petersburg International Economic Forum on Friday.

While answering questions at the meeting, organized by TASS, with world news agency leaders, the Russian President noted that when the "price of oil reached $60 and a bit over $60, in our opinion, that was a balanced price." Responding to a question about the prospects of the OPEC + deal during the meeting with the heads of world news agencies organized by TASS on the SPIEF fields, the Russian leader noted that when "the price reached about 60-60 with a small dollar per barrel, in our opinion, it was a balanced price".

"But we are not interested in an endless growth of energy prices, of oil prices. If you asked me what price do we think is fair, then I'm telling you fair-not fair, but we were content with the price of $ 60 per barrel," added Putin.

He added that prices above this level can cause "certain problems for consumers, what the main producers are also not interested in."

"Therefore, the small surge that we see today, it on the one hand benefits the Russian budget, our gold reserves are growing, and over the past year, the surplus of the trade balance amounted to $130 billion. All this, on the one hand, are positive elements, but on the other hand, we understand that the opportunities of our competitors, including shale oil producers in the US, are growing, they fill a certain part of the market, "Putin said. " He added that Russia doesn't have anything against it, since "this oil mainly goes to the American market."

Consultations within the framework of OPEC+ oil production capping agreement will continue and much will depend in particular on the fate of the nuclear deal with Iran and impact of the situation around it on the global energy market, he said.

Consultations within the OPEC+ deal framework will continue, the Russian President said. "Nothing unusual is taking place there, we are working in conditions agreed earlier. The practice will show what will happen further on. Indeed, much will depend on whether the nuclear deal with Iran is preserved or not and how it will affect the global energy market," Putin said.

Russia believes that the global energy market is balanced now and surplus oil leaves it, the head of state said. "In general terms, it [the market] must be fair. No artificial restrictions caused by political considerations should be used. They do not benefit the global economy but only harm it," Putin added.

It was reported earlier that energy ministers of Russia and Saudi Arabia discussed easing of production limitations at the SPIEF and intend to continue consultations with other participants in the oil production capping deal.

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