Russia has always advocated for the long-term stability of the global oil market that allows to avoid extremely low or high prices, Russian President Vladimir Putin said on Friday
MOSCOW (Pakistan Point News / Sputnik - 03rd April, 2020) Russia has always advocated for the long-term stability of the global oil market that allows to avoid extremely low or high prices, Russian President Vladimir Putin said on Friday.
"Our country has always I want to emphasize this advocated and is advocating for the long-term stability of the oil market, taking into account the positions of both producers and consumers. We never wanted prices to be too high, and we wanted to avoid a situation when prices are too low," Putin said.
Russia's budget is balanced at about $42 per barrel, which is quite comfortable for the country, the president recalled.
It is still alarming that the situation can bring high technological and even environmental risks, he said.
"Demand will inevitably begin to recover, and there can arise an acute shortage of oil, with all negative consequences for the world economy, because prices may skyrocket," Putin said.
Therefore, it is in the common interest to avoid such a scenario, he said.
