Novak: Current level of oil prices suits Russia’s budget

Russian Deputy Prime Minister Alexander Novak said on Thursday that the current level of global oil prices suits Russia’s budget, and the balance between supply and demand in the market has been maintained.

He added, “I think this is a normal price that currently falls within a range that is suitable for both Russia and our budget. We previously assumed that the price would fluctuate approximately in the range of $80-85 per barrel, and this has been confirmed.”

He pointed out that the price cannot remain in one place, of course, and can fluctuate in one direction or another.

He added, “The balance between supply and demand must be maintained, because this is the basis for stability in oil prices.”