Putin Says Oil at $60 Suits Russia With OPEC Weighing More Supply
- Pact to limit oil output hinges on impact or Iran sanctions
- OPEC is said to be planning to wind back production curbs
Oil Slides as Saudi Arabia Sees Oil Supply Increasing
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Oil prices at $60 a barrel fully suit Russia and the country doesn’t want them to spiral higher, President Vladimir Putin said.
“We’re not interested in an endless rise in the price of energy and oil,” Putin told reporters at the International Economic Forum in St. Petersburg, adding that Russia and OPEC didn’t plan to stick to existing output cuts. “If you asked me what is a fair price, I would say we’re perfectly happy with $60 a barrel.”