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Putin says 'content' with current oil price

September 05, 2016, 17:20 UTC+3

Vladimir Putin is content with current oil price, but thinks it could be a bit higher

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© Maxim Slutskiy/TASS

HANGZHOU, September 5. /TASS/. Russia is content with current oil price, although it could be a little higher, Russian President Vladimir Putin said on Monday at a press conference on the G20 summit results.

"The price of oil should to be fair. It could be a little higher," Putin said. 

The Russian president also believes that Russia and Saudi Arabia should cooperate on the oil market.

"As far as our relations with Saudi Arabia is concerned, our relations are friendly. If there is something we share, it is the understanding of the need to interact on the world oil market somehow," Putin said.

Russia and Saudi Arabia, which account for a combined 21% of the world oil production, signed a joint statement on the sidelines of the G20 summit with the aim of stabilizing the market of crude.

They agreed on joint actions or cooperation with other oil producers for the purpose of maintaining stability on the oil market and ensuring a stable level of investment in the long term.

In his statement the parties noted the provider countries’ long-term challenges on the world oil market, such as the global slump in capital investment into oil production, including exploration, and the massive cancellation or postponement of investment projects. This has already caused a more volatile and unstable situation on the oil market in the long term for both producers and consumers.

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