Russia, Saudi Arabia hope to keep oil prices at reasonable level, Kremlin says

Russia, Saudi Arabia hope to keep oil prices at reasonable level, Kremlin says
# 08 October 2019 14:39 (UTC +04:00)

Russia and Saudi Arabia are interested in ensuring that the price of oil does not exceed a reasonable level, Russian presidential spokesman Dmitry Peskov said in an interview with Rossiya 24 TV channel on Tuesday during the Russian Energy Week, APA reports citing TASS.

"Together with Saudi Arabia, we are interested in ensuring that this price does not rise above a reasonable level," he said.

According to the forecast of the international rating agency Fitch, the price of oil in 2019 will be at $65 per barrel. For many OPEC members from the Middle East - in particular, for the UAE and Kuwait, this price is quite comfortable, analysts said. The exception is Saudi Arabia, for which a deficit-free budget starts at $80 per barrel.

Saudi Arabia is the largest oil producer in OPEC - along with Russia the country is the leader in the OPEC+ agreement.

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