Putin called unfair the current oil prices – RBC

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Prices oil might be a bit higher, now they are unfair, said Vladimir Putin. At the same time, he said, the current price of oil on the world market are satisfied with Russia, whose budget been drawn up on the basis of the price at $ 40 a barrel

The world oil prices remain at unfairly low level, said Russian President Vladimir Putin. However, the threat of the Russian economy, according to the head of state, no.

«The price should be fair. Now there could be a little higher. But, having in mind that we have a budget, as you know, are typeset at the rate of $ 40 per barrel, the current price we basically satisfied “, – Putin said at a press conference on results of his visit to held in the Chinese Hangzhou” Grand Summit twenty »(G20).

Putin also noted the need for cooperation on the global oil market, Saudi Arabia and Russia, and called just the desire of Iran to increase the volume of its oil production to dosanktsionnogo level.

In the course of trading on stock exchange ICE cost of a barrel of Brent crude oil on Monday rose to $ 49.38, an increase of almost 5.5% higher than the closing level of the previous trading session. The sharp jump in quotes attributed to the expectations of investors about the agreement Russia and Saudi Arabia on joint action on the global oil market.

Later, the Russian Energy Ministry said that the freezing of the volume of oil production there is no question, and the parties have agreed only to continue the consultations and the establishment of joint monitoring working group. Under the agreement, the group “will track the fundamentals of the oil market indicators and make recommendations on measures and joint efforts to ensure stability and market predictability».

Disclosure of details of the agreed scope of the Russian-Saudi cooperation disappointed investors and oil prices went down, down in the end to nearly $ 47 per barrel.

«OPEC produces more oil than is now required market. If we take as a measure of evaluation of the International Energy Agency, in the second half of 2016 demand for OPEC oil will be 33.3 million barrels. per day. Even if oil production in the OPEC will be limited to current levels, an excess of oil on the market just disappears in the second half of 2017. So we see no fundamental justification for the increase in oil prices “, – stated in the Commerzbank report

By 17:35 MSK price of a barrel of Brent crude on the ICE exchange amounted to $ 47,2