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Putin on oil: this week has been the worst since 2008

RUSSIA (OBSERVATORY NEWS) — President of Russia Vladimir Putin said the outgoing week was the worst for the global oil market since the 2008 crisis.

At a meeting on the state of the world oil market and held at the government terminal of Vnukovo Airport, the head of state called the current level of oil prices acceptable for the budget and economy of Russia.

The accumulated reserves , including the National Welfare Fund (NWF), are sufficient to ensure a stable situation and the fulfillment of all budgetary and social obligations. Today, the Bank of Russia’s international reserves amount to $ 563 billion, another $ 124 billion to the NWF.

However, Putin noted that you need to be prepared “for a variety of scenarios.”

The meeting was attended by members of the Cabinet and Russian oil and gas companies, who were invited to discuss further steps to balance the global hydrocarbon market.

The President also announced Russia’s readiness for active cooperation with foreign partners in the global oil market. Next week, a meeting in OPEC + format will be held in Vienna. Putin noted the importance of this format as an effective tool in ensuring long-term stability in global energy markets.

Oil ended February with a fall in prices on rising concerns about declining global demand due to the coronavirus epidemic. Brent crude fell on the last day of trading to $ 49.3 per barrel.

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