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Putin says Russia not interested in very high oil prices

The Russian budget is based on the price of $ 40 per barrel, Putin noted

© Viktor Drachev/TASS

ST. PETERSBURG, June 6. /TASS/. Russia is not interested in very high oil prices, the price of $60-65 per barrel is quite comfortable for the Russian budget, President Vladimir Putin said at a meeting with heads of international news agencies, organized by TASS.

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"The Russian processing industry itself is not interested in very high oil prices. Well, the average price around 60-65 dollars per barrel is quite satisfactory, we don’t need to drive up [price] to the top, we already have a decent margin, in terms of budget," Putin said, recalling that the Russian budget is based on the price of $ 40 per barrel.

The president added that with this oil price Russia can replenish gold and foreign currency reserves.

The head of state stressed that Russia will take into account all the circumstances on the oil market, including a decline in production in Iran and Venezuela, problems in Libya and Nigeria, as well as the level of consumption of oil and oil products in the summer.

"We now have certain agreements now. So, I will not jump ahead and will not say now what we need to do in the second half of the year. But we will be make consolidated solutions," the president concluded.

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Vladimir Putin SPIEF 2019

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