Putin favors USD 60 as price for oil barrel

MOSCOW, Russian President Vladimir Putin said on Friday that he considered USD 60 a “balanced price” for the barrel of crude oil.

Putin, speaking to journalists on sidelines of the international economic forum in Saint Petersburg, expressed no interest in drastic hike of the oil prices.

Very high oil prices create problems for consumers and the producing countries do not want that, he added.

Oil markets are currently balanced and tackling the glut is proceeding gradually, the Russian president said.

Meanwhile, Russian Energy Minister Alexander Novak said in televised remarks that the OPEC member states during their scheduled meeting on June 21 would decide to hike the output gradually.

Source: Kuwait News Agency