Russia's Rosneft 'Comfortable' With $70-$80 Oil Ahead of OPEC Talks

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 at that new bar...

Russia's Rosneft 'Comfortable' With $70-$80 Oil Ahead of OPEC Talks

“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.

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I just joined OILPRICE Community. I am a professional in the Oil & Gas drilling and look forward to be part of the broader intellectual discussions on this topic. Thanks. ~Wbuka

 

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32 minutes ago, William Buka said:

I just joined OILPRICE Community. I am a professional in the Oil & Gas drilling and look forward to be part of the broader intellectual discussions on this topic. Thanks. ~Wbuka

 

Welcome to the OP community, William  : )

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Russia has its thumb under both the world's largest gas and oil reserves. I won't be so flippant as to say the price of oil does not matter to them but it won't be like in '86 when the U.S. and Saudi Arabia colluded to flood the market with cheap oil resulting in the collapse of the Soviet Union. Russia is playing Mikhail Botvinnik-level chess.

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