Current Oil Price At $70 Per Barrel Suits Russia - Putin

Rukhshan Mir (@rukhshanmir) Published November 15, 2018 | 03:14 PM

Russian President Vladimir Putin said Thursday the oil price at about $70 per barrel was quite suitable for Russia.

SINGAPORE (UrduPoint News / Sputnik - 15th November, 2018) Russian President Vladimir Putin said Thursday the oil price at about $70 per barrel was quite suitable for Russia.

"What is now, what was just recently - somewhere around $70 - quite suits us if we keep in mind that, as you know, we have budget expenditures calculated with [the price of] $40 per barrel, and this gives us the opportunity to feel confident, to work calmly, stably, to achieve very good results that affect macroeconomics.

We will almost certainly have a budget surplus this year," Putin told reporters.

He said the current oil price was not very stable and could move a little up or down.