MOSKOW (Reuters) – Russian President Vladimir Putin said on Wednesday that Russia was satisfied with the current oil price level of around $ 60 per barrel, even though oil prices had fallen sharply recently due to fears of an increase in global supply of black gold.
Putin said at an investment forum that the price of one barrel of oil "fell and then rose again, but in my opinion, the rate of around $ 60 is fully acceptable, and we are very satisfied."
He pointed out that the latest Russian budget is based on the assumption that the price of one barrel of oil is $ 40.
Russia is the third largest oil producer in the world after the United States and Saudi Arabia, members of the Organization of the Petroleum Exporting Countries (OPEC).
But after reaching a four-year high in October, oil prices fell around 30 percent on fears of falling demand as the global economy slows.
The European Brent crude oil index was less than $ 60 a barrel on Wednesday, while US partner WTI recorded more than $ 51 a barrel.
Russia has worked together for years with the Organization of Petroleum Exporting Countries (OPEC), which is not a member.
Putin said cooperation had been "100 percent successful," adding that this was largely due to Saudi Arabia.
"This has produced positive results."
"I have to admit that most of this happened thanks to the position of Saudi Arabia, which basically benefits Saudi Arabia and the crown prince, he is the initiator," Putin said.
OPEC and its partners, including Russia, will meet in Vienna next week to decide on production targets.
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