• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 5 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 2 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 5 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 19 hours U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 24 hours Nord Stream - US/German consultations
  • 3 days An Indian Opinion on What is Going on in China
  • 3 days Can Technology Keep Coal Plants Alive and Well?
  • 4 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 7 hours Forecasts for Natural Gas
  • 17 hours Australia sues Neoen for lack of power from its Tesla battery
  • 3 days Storage of gas cylinders
  • 4 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
Why The World Still Isn’t Ready For An EV Revolution

Why The World Still Isn’t Ready For An EV Revolution

As skyrocketing energy and fuel…

Peak Meat, EVs, and Solar: The World in 2030

Peak Meat, EVs, and Solar: The World in 2030

According to Principles for Responsible…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Putin Would Like To See Oil Prices Above $46 Per Barrel

It would be better for Russia if oil prices were higher than $46 a barrel, Russian President Vladimir Putin said on Thursday.

In an interview with Russian TV channel Rossiya, Putin talked about the Russian economy and the impact of the coronavirus pandemic on it and on oil prices.

Commenting on the fact that Brent Crude prices have returned to $46 a barrel, Putin said, “it would be better if the price were a bit higher,” according to the interview posted on the Kremlin’s website.

The higher the price of oil, the higher Russia’s budgetary reserves are, creating an additional cushion for the budget to finance its expenses, including social welfare, Putin said.

At the beginning of the oil price crisis, caused – among other things – by the oil price war between Saudi Arabia and Russia – Russia’s Finance Ministry said that Moscow could live with $25 oil for years as it had enough resources to cover budget shortfalls amid oil prices at $25-30 a barrel for six to ten years.

The $42.40 price of Russia’s flagship export grade, Urals, is the price at which Russia’s budget is balanced, the Russian Finance Ministry said, noting that the country’s sovereign wealth fund, the National Wealth Fund (NWF), had as of March 1 liquid assets worth US$150.1 billion, or 9.2 percent of Russia’s gross domestic product (GDP).  

Currently, Russia’s economy is suffering the consequences of the oil price crash it helped create with the temporary rift with its OPEC+ partner Saudi Arabia in March. The Russian ruble crashed, and Russia’s oil income shrank as a result of the plunge in oil prices.  

The oil price crash, along with the coronavirus-driven global recession, will result in Russia’s economy shrinking this year by 6 percent, or by the most in 11 years, the World Bank said in its latest economic report on Russia last month.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News