15 Nov 2018 14:08

Putin: Russia satisfied with oil price at $70 per barrel

SINGAPORE. Nov 15 (Interfax) - Russia is completely satisfied with an oil price of $70 per barrel, Russian President Vladimir Putin said in a press conference in Singapore.

"An optimal price for producers and consumers is needed. In other words now, what we had recently, around $70 per barrel is completely satisfactory for us, if we keep in mind that the budgetary spending was calculated at around $40 per barrel," he said.

"This gives us the ability to feel confident, work calmly, stably, achieve very good results that are reflected in the macro-economy. This year there will most probably be a budget surplus. We have a trade surplus of about $100 billion-$120 billion and that is with a minimal external debt of 15%. This creates a very good basis for continuing confident work on attaining higher GDP growth and engaging in structural reforms," Putin said.