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News // Economy

Crude oil prices «just fine» around $70 per barrel, Putin says

16 November 2018 , 12:08Neftegaz.RU637


Moscow, November 16 - Neftegaz.RU. Vladimir Putin said that $70 per barrel is a reasonable price.


«A reasonable price both for producers and consumers is needed. What we are having now, what has been recently - around $70 (per barrel) - is just fine for us,» said Vladimir Putin during a press conference, Tass reported.


 The Russian budget relies on the price of Brent crude oil at $40 per barrel, which «allows us to feel comfortable, work calmly, stably, achieve very good results that influence macroeconomic indicators,» Putin said


 The comment comes 3 days after Donald Trump tweeted that «hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply  Trump's comment, amid oversupply concern, contributed to a plunge in crude oil prices early this week, analysts said.


According to an OPEC report, Russia is estimated to be producing 11.2 million barrels per day in the Q4, down from 11.4 million barrels per day in the Q3. U.S. crude oil production reached 11.3 million barrels per day in August, when it became the world's top producer, according to the EIA. 


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