Putin praised Saudi Arabia’s oil market policy

US, WASHINGTON (ORDO NEWS) — Riyadh, apparently, is trying to get rid of competitors who produce shale oil, they are getting to some extent, but the Russian Federation does not need it, Russian President Vladimir Putin said on Friday.

“All this is understandable, because this, apparently, is connected with the attempts of our partners from Saudi Arabia to get rid of competitors who extract the so-called shale oil. In order to do this, the price should be below $ 40 per barrel. And in this sense, they of course, they achieve their goal to a certain extent,” Putin said at a meeting on the situation on global energy markets, a transcript of which was posted on the Kremlin’s website.

At the same time, he added that Russia just does not need this. “We never set such a goal, since our budget is, as I have already said, 40 dollars per barrel,” the president emphasized.

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