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Current oil prices optimal – Medvedev

January 23, 2013, 17:51 UTC+3
“We do not want prices for raw materials to be too high because they will hamper the development of the world economy," Russian PM said
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DAVOS, January 23 (Itar-Tass) — Current oil prices are optimal, Russian Prime Minister Dmitry Medvedev said.

“We do not want prices for raw materials to be too high because they will hamper the development of the world economy. Moreover, they will hamper the development of the Russian economy,” Medvedev said at the plenary session of the World Economic Forum in Davos on Wednesday, January 23.

“However when prices are too low, they lead to another extreme: a shortage of resources for sustainable economic growth. The current level of oil prices appears to be more or less close to the optimal one for both producers and consumers,” he said.

Medvedev noted that the Russian economy’s dependence on the export of raw materials is big “but it is exaggerated too much”.

This is why Russia is worried by the continuing stagnation and the banking crisis in Europe, debt problems in the United States and structural risks in China.

These issues will be in the focus of attention of the G-20 leaders during the year.

 

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