February 15, 2018 / 3:09 PM / a year ago

Russia's Novak says current oil price is acceptable

FILE PHOTO: Russian Energy Minister Alexander Novak addresses a news conference after an OPEC meeting in Vienna, Austria, November 30, 2017. REUTERS/Heinz-Peter Bader

MOSCOW (Reuters) - The current price of oil is acceptable for Russia, Russian Energy Minister Alexander Novak said on Thursday, saying prices had increased thanks to a global deal to cut oil production.

In an interview with Rossiya-24 state TV channel in the Black Sea resort of Sochi, he also said that oil prices might fluctuate between $50 and $70 per barrel this year.

Oil is trading at around $64 per barrel.

Reporting by Vladimir Soldatkin; Editing by Andrew Osborn

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