Vladimir Putin names optimal oil prices for Russia

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Vladimir Putin names optimal oil prices for Russia
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The increase in oil prices by $10 means additional 1.75 trillion rubles for the Russian budget, and 750 billion for domestic oil companies, said Russian President Vladimir Putin on Friday at an annual press conference in Moscow.

According to him, gradual reduction of oil production, implemented in accordance with the agreement with OPEC, will not affect the Russian economy.

However, in the second half of 2017, there will be no surplus oil on the market, and the prices will stabilize and reach the current level. Nevertheless, Vladimir Putin noted that Russia's economy has adapted to current energy prices.

The results turned to be better than expected, although the oil price was lower than it was calculated.