October 19, 2017 / 4:13 PM / a year ago

Russia's Putin says oil price above $50/bbl is fair

SOCHI, Russia, Oct 19 (Reuters) - Russian President Vladimir Putin said on Thursday that coordinated efforts taken by Saudi Arabia, Russia and other leading oil producers have borne fruit and led to oil prices rising to above $50 per barrel, which is a “fair” level.

“We have coordinated our position with the OPEC countries... and the price has been stable at over $50. We consider this to be a fair price, which suits us,” Putin said at a forum with scholars. (Reporting by Polina Nikolskaya; writing by Vladimir Soldatkin; Editing by Christian Lowe)

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