Russia and Saudi Arabia disagree on what the price of oil per barrel should be, Russian President Vladimir Putin said on Thursday. While Riyadh wants the price to be higher, Russia is fine with $60 to $65 per barrel. However, the president said his country remains committed to cooperation with the Organization of the Petroleum Exporting Countries (OPEC) in regard to output.
Speaking to journalists on the sidelines of the St Petersburg International Economic Forum (SPIEF), Putin added that major oil producers need to take into account lower production in Iran and Venezuela as well as problems in Libya and Nigeria when determining future oil prices and output goals.
Earlier in the day, Russia's Energy Minister Alexander Novak said that Russia's output cannot be increased this year as a result of the damage on the Druzhba pipeline.
