ZCZC
BCN-18
RUSSIA-ENERGY-OIL-OPEC
Putin says Russia ‘satisfied’ with oil at $60
MOSCOW, Nov 29, 2018 (BSS/AFP) – Russia is happy with the current oil
price level of around $60 dollars per barrel, President Vladimir Putin said
on Wednesday, despite a recent dramatic oil price slump on global oversupply
worries.
The oil price “fell and then rose again but in my opinion, a level around
$60 is quite acceptable, we are completely satisfied,” he told an investment
forum.
Russia’s latest budget had been built on the assumption of oil at $40, he
said.
Russia is the world’s third-biggest oil producer after the United States
and OPEC kingpin Saudi Arabia, which has been cooperating with Russia on
production cuts to keep a check on supply.
But since reaching four-year highs in October, oil prices have plunged
around 30 percent as worries about falling demand in a slowing world economy
have taken their toll.
European oil benchmark Brent stood at just under $60 on Wednesday, while
its US counterpart WTI hovered just above $51.
Russia has for years been cooperating with the Organization of the
Petroleum Exporting Countries (OPEC) of which it is not a member, helping to
engineer a rebound after a 2014 oil price slump.
The cooperation had been a “a 100 percent” success, Putin said, adding
that this was largely due to Saudi Arabia and Crown Prince Mohammed bin
Salman, the “initiator” of the deal.
“This led to positive results,” Putin said.
OPEC and its partners, including Russia, are scheduled to meet in Vienna
next week to decide on production targets.
BSS/AFP/HR/0955