Source Pravda.Ru

Putin completely satisfied with oil price of $70 per barrel

One should ensure the optimal oil price for consumers and producers, Russian President Vladimir Putin said at a press conference in Singapore.

"One needs an optimal price for both producers and consumers. The price that we've had just recently - about $70 per barrel - is fine with us," Putin said adding that one should not restrict oil output.

Putin also said that the Russian budget was calculated on the price of $40 per barrel. "This gives us an opportunity to feel confident, to work calmly and achieve very good results, which are reflected in macroeconomics," Putin said noting that this year Russia's budget will "most likely" have a surplus.

With a minimum external debt of 15% of GDP and a positive trade balance of $100-120 billion, there is a "good base" to achieve higher GDP growth rates and deal with structural changes.

On November 13, oil prices fell by almost seven percent - by $4.65. January futures for Brent closed at $65.47 a barrel, whereas December futures for WTI crude also fell by $4.24 to $55.69 per barrel. However, on November 14, oil prices (Brent) climbed higher than $66 per barrel.