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Current oil price is low, Kremlin says

March 19, 2020/ 10:11

Moscow. The Kremlin believes that the current oil prices level is low, presidential press secretary, Dmitry Peskov told reporters on Wednesday.

"Certainly, this is a low price; we would like to have it higher," Peskov said, responding to a question whether the oil price of about $27 a barrel is suitable for Russia.

Russia "is very attentively monitoring the situation on international oil markets," the press secretary said. "We are analyzing this situation and trying to make forecasts for the near future and the midterm; the position will be developed depending on that," he added.

It was reported on Tuesday that Iraq called for immediate consultations of OPEC+ countries to determine joint actions on the oil market, told TASS.

The oil price collapsed on the back of failure to agree during the last OPEC+ talks. Brent oil futures prices fell below $28 a barrel during the trading session on March 18 for the first time since January 2016.

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