Russia now wants $70 to $80 oil but risks demand
Tom KirkmanIndependent Project Manager
Russia has budgeted for $40 oil for 3 years (2017 – 2020) and has repeatedly indicated earlier this year that it would be happy with $60 oil.
So Russia is raising the bar now to $70 to $80. Be careful though of raising that bar too high, it could kill off demand, and stomp hard on that new bar…
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“The growth in Brent crude prices to a comfortable level of $70 to $80 per barrel is a result with which we are fully satisfied,” Sechin was quoted as saying. The CEO, a close ally of Russian President Vladimir Putin, had last year questioned the wisdom of prolonging production when oil prices were closer to $60.