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Putin: Russia Good With $ 60 Oil



Russia is comfortable with the current level of oil prices at around $ 60 per barrel, Russian President Vladimir Putin said in an investment forum on Wednesday, also thanks to Saudi Arabia and Prince Mohammed bin Salman for OPEC collaboration -Russian in managing the oil market.

Russia is comfortable with $ 60 oil, since its budget is balanced at a $ 40 oil price, and for next year, that oil price is compatible with Finance for $ 43 a barrel, says Putin today, a week before the OPEC + meeting in Vienna and just a few days before the G-20 summit in Buenos Aires, where Putin is expected to meet separately with US President Donald Trump and with The Prince Crown Crown.

"We are now in touch with OPEC and, if necessary, we will continue this joint work," said Putin, referring to OPEC cooperation with non-OPEC countries led by Russia.

Just two weeks ago, talking to correspondents about the OPEC + deal, Putin said:

"In terms of the need to restrict production or not, I will not say anything about this for the time being. We must be very careful in this regard because every word is important and affects the federal budgetary revenue. , it is clear that we should cooperate and cooperate. "

"Approximately $ 70 per barrel is good for us, considering our budget spending side is $ 40 per barrel," said Putin in mid-November.

Now, according to Putin, even $ 60 is a comfortable oil price for Russia. Moscow has so far indicated a reluctance to jump to break a new production as it has raised its oil production to a post-Soviet high.

But this $ 60 oil is not as comfortable as the Russian partner in the deal and OPEC de facto leader, Saudi Arabia, who would prefer higher oil prices to balance his budget.

However, Saudi Arabia and Prince of the Mohammed bin Salman Crown are under pressure by US President Donald Trump to keep oil prices low. The Saudis may not be publicly compromised to publish an oil production cut measured in millions of barrels a day, thereby means that President Trump addresses who has stood by the Kingdom and the Prince among the wonders international for killing Jamal Khashoggi.

Putin's comments today also show support for Saudi prince, while analysts of the opinion that the G-20 summit in Argentina could be a more important location for OPEC-Russia oil co-operation or an OPEC + full meeting next week.

Not by Tsvetana Paraskova for Oilprice.com

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