Thursday , June 30 2022

Putin: Russia is fine at $ 60 oil



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Russia is comfortable with the current level & # 39; oil prices & # 39; around $ 60 per barrel, the Russian President Vladimir Putin said in & # 39; of & # 39; investment forums on Wednesday, also thank Saudi Arabia and its Mohammed Crown Prince bin Salman for OPEC-Russia cooperation in.

Russia is comfortable with & # 39; $ 60 oil, since its budget is balanced for an oil price of & # 39; $ 40, and for next year, as the price of the oil budget balance is calculated at $ 43 per barrel, Putin said today, a week before the OPEC meeting in Vienna + and just a few days prior to the G-20 summit in & # 39; Bus Buenos Aires, where Putin is expected to meet & # 39; separately with the President of the United States Donald Trump and Crown Prince & # 39; Saudi.

"We are now in & # 39; contact & # 39; the OPEC and if necessary, will continue this joint work", said Putin, referring to cooperation & # 39; OPEC does & # 39; non-OPEC nations led by Russia.

A few weeks ago, when he spoke to reporters about the OPEC agreement +, Putin said:

"With regard to the need to limit the production or not, do not say anything about it yet. We look very f & # 39; this regard because every word is important and affects the income of the federal budget. However, , it is obvious that we cooperate and we will cooperate. "

"About $ 70 per barrel suits us perfectly by considering that the expenditure side of our budget is based on $ 40 per barrel," Putin said in & # 39; mid-November.

Now, according to Putin, is comfortable even $ 60 oil price for Russia. Moscow s & # 39; now demonstrated reluctance to jump cut & # 39; new production again & # 39; Other as raised its oil production to post after the Soviet high.

But this oil of & # 39; $ 60 is not so comfortable for the Russian partner in the agreement and the leader de facto OPEC Saudi Arabia, which prefers higher oil prices to balance the budget her.

Saudi Arabia and Crown Prince Mohammed bin Salman, however, are under pressure from the President of the United States Donald Trump to keep the price of oil lower. The Saudis can not risk announcing b & # 39; public as reducing oil production measured in & # 39; & # 39 million; barrels a day, and thus potentially hurts & # 39; President Trump who was the Kingdom and Prince f & # 39; half the international cutting on the killing of & # 39; Jamal Khashoggi.

The remarks & # 39; Putin today also show support for Saudi prinċju, while analysts believe that the G-20 summit in Argentina can & # 39; is the most important place for OPEC oil-Russia cooperation to a full meeting of OPEC + of next week.

From Tsvetana Paraskova for Oilprice.com

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