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World oil prices

Oil price remaining in same corridor for next two years suits Russia — Putin

The Russian president said it's clear to him that the hydrocarbon market is going to develop

© Mikhail Klimentyev/Russian president's press service/TASS

STRELNA, June 18. /TASS/. The situation with the oil price, which will stay in the same corridor for the next two years, suits Russia, President Vladimir Putin said on Thursday.

"It is now clear how the hydrocarbon market will develop. If nothing out of the ordinary happens, it will continue to exist in the similar price niche, I think, for the next year or two," Putin said.

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The president noted that the federal budget and the real sector of economy both have adjusted to the situation. "It suits us for now," said the president.

He added that the Central Bank has many instruments to regulate the situation, including influencing the exchange rate of the ruble which is now fluctuating because of oil prices. "Regulation in the framework of market relations will, of course, be used to secure the interests of our producers in the real sector," Putin stated.

The president stressed that Russia should support domestic producers by regulating customs duties. "It is necessary to flexibly use instruments of customs regulation at different stages," Putin said.

"We must make everything possible to support the final producer that we can do without violating WTO [World Trade Organization] rules," Putin noted, adding that flexible regulation is not always possible due to large numbers of lobbyists.

Putin also supported the proposal made earlier to synchronize plans of the coutnry’s strategic development with separate regions.

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