Vladimir Putin: Price of oil is not very stable, it can go up

15.11.2018,16:57


November 15, Fineko/abc.az. Russian President Vladimir Putin said that he discussed the situation in the oil market with his US counterpart Donald Trump during his Paris visit at the end of last week.

"I think such oil price of today is not very stable, and it can go up. It depends on many factors. By the way, President Trump and I discussed that in Paris. In any case, we talked about it," President Putin said at a press briefing in Singapore.

Putin did not say whether a new decision on limiting oil production within the OPEC+ format was necessary.

"At the moment I will say nothing on the occasion of the necessity to limit or not to limit the oil production. Here you need to be very careful, every word has a meaning and is expressed in the revenues of the Federal budget," the Russian leader emphasized.

"But the fact that we need to cooperate is obvious, and we will cooperate. The OPEC+ format has proved itself positively. We see this from the market situation. But you know the experts' opinion - a rebound a little bit down or a little up is possible."

President Putin added that Russia is satisfied with the oil price of about $70 a barrel and that it is necessary to find the optimal level for producers and buyers.

"We need an optimal price for both producers and consumers. We are quite satisfied with what is now and what was recently - somewhere around $70, if to keep in mind that the expenditure part of the budget is calculated on the basis of $40 a barrel. This gives us the opportunity to feel confident, work calmly and steadily, and achieve very good results that affect the macroeconomics," he emphasized.