Russia is comfortable with oil at around $60, Putin said, a week ahead of the OPEC+ meeting in Vienna and just two days before the G-20 summit in Buenos Aires

[Udara Hemachandra + 10]

earlier Putin said we will satisfy with $70 now says $60   

[DA? + 301]

He won't be satisfied when they can't keep the army happy financially. 

[Tom Kirkman + 8,860]

3 hours ago, Udara Hemachandra said:

earlier Putin said we will satisfy with $70 now says $60   

A year ago:

Russia Inc Goes Into Profit as the Budget Breakeven Price for Oil Falls to $53

 

Also, from 2016:

Russian Economy Minister assumes oil price of $40 per barrel in 2017-2019 budget

 

[Dan Warnick + 6,100]

3 hours ago, Udara Hemachandra said:

earlier Putin said we will satisfy with $70 now says $60   

Link or reference?

Russia has stated publicly on a number of occasions that they budget based on about $45.

https://themoscowtimes.com/articles/russia-inc-goes-into-profit-as-the-budget-breakeven-price-for-oil-falls-to-53-60302

https://www.cnbc.com/2017/10/14/russia-is-prepared-for-40-oil-finance-minister-siluanov-says.html

http://www.reuters.com/article/us-russia-opec-freeze/exclusive-russia-sees-oil-price-of-45-50-per-barrel-acceptable-as-it-prepares-for-freeze-deal-sources-idUSKCN0X30M0

[Dan Warnick + 6,100]

1 hour ago, DA? said:

He won't be satisfied when they can't keep the army happy financially. 

The army will be happy when Vlad tells them to be happy.  Or he'll just take off his shirt, get on his pony, and shame them into being tougher!  LOL!

[Dan Warnick + 6,100]

3 hours ago, Udara Hemachandra said:

earlier Putin said we will satisfy with $70 now says $60   

But, he might have said it at the G20 (do you have a reference or link?) to show some sort of alliance with his new Arab "friends".  Entirely possible.  I mean, if he said "we sill satisfy with $70 and now say $80" it is above the price they budget on, so they would be satisfied.

[Tom Kirkman + 8,860]

36 minutes ago, Dan Warnick said:

But, he might have said it at the G20 (do you have a reference or link?) to show some sort of alliance with his new Arab "friends".  Entirely possible.  I mean, if he said "we sill satisfy with $70 and now say $80" it is above the price they budget on, so they would be satisfied.

Near as I can guess,

● Russia can live with (and has budgeted for) $40 oil from 2016 to 2019.

● But Russia actually needs oil at around $55 to cover budget gaps.

● Anything above $55 oil this year is a pleasant budgetary windfall.

● Russia apparently plans to budget for oil at $45 from 2020 to 2022.

● Again, anything above $60 or so for 2020 to 2022 will be a pleasant budgetary windfall for Russia.

It's no wonder OPEC wants to work together with Russia, because Russia can actually think more logically about medium and longish term oil prices than the absolute dictators within OPEC Middle East countries can. 

ME OPEC countries who rely extensively on oil revenues to support their respective regimes, are not realistic in their assumptions and expectations that high oil prices can be maintained for many years into the future, in order to support their assorted grandiose ruling regime's grips on power.  Low oil prices certainly yanks the carpet out from under the feet of oil producer hubris.

Russia is now apparently the Voice of Reason in OPEC gatherings.  This should get amusing.  Really.

 

Also, for amusement, someone alerted me to this:

https://twitter.com/davidgura/status/1068247822565298176

And then WSJ corrected the correction:

Putin Trump Derangement Syndrome is real, folks.  But with your generous donations, there is hope for a cure.

[Udara Hemachandra + 10]

Russia is comfortable with oil at around $60, Putin said, a week ahead of the OPEC+ meeting in Vienna and just two days before the G-20 summit in Buenos Aires

[DA? + 301]

Although in the short term Russia can get by on oil prices $50-60 to balance their budget it does not look good long term. Over the past few year they have drained their Reserve Fund completely and used somewhere around 20% of the National Wealth Fund. To balance the books they also had to incur massive budget cuts, with only the armed forces until recently being relatively untouched. The country depends largely on oil/gas exports for it's stability. This is basically causing the country to stagnate. If prices drop for any length of time the country is going to be in trouble, with borrowing for Russia being expensive.

Putin and the others at the top have to keep certain parts of the population happy or their position becomes very uncertain.