November 28, 2014 / 12:47 PM / 5 years ago

Putin expects oil prices to find balance by middle of 2015

Russian President Vladimir Putin takes part in a live broadcast nationwide phone-in in Moscow in this April 17, 2014 file photo. REUTERS/Alexei Nikolskyi/RIA Novosti/Kremlin/Files

SOCHI, Russia (Reuters) - Russian President Vladimir Putin said on Friday he was confident the oil market would find its balance by the middle of next year.

“I am confident that in the first quarter, in the middle of next year the (oil) market will find a balance,” Putin told a meeting with the chief executive officer of France’s Total (TOTF.PA), Patrick Pouyanne.

Brent crude oil steadied below $73 a barrel on Friday after hitting a fresh four-year low following OPEC’s decision not to cut output.

Putin added he had expected oil prices to fall after OPEC’s meeting and said Moscow had not insisted on any specific action to stabilize them.

Reporting by Denis Dyomkin; writing by Katya Golubkova, editing by Elizabeth Piper

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