Russia advocates oil price range of $20-25 per barrel

Russia is satisfied with the oil price range of $20-25 per barrel, and it will help maintain this level, said Russia's Energy Minister Igor Yusufov.

"Our opinion on the price corridor is different from OPEC's viewpoint," said Yusufov. "The price that Russia deems fair is $20-25 per barrel whereas OPEC favours the price range of $22-28 per barrel.

According to the Russian minister, the country will form a strategic oil reserve within the next 2-3 years to maintain oil prices on the world market within the price range acceptable for Russia. "Russia is such an important oil producer that we we'll make this reserve not for our own purposes but primarily for helping our partners all over the world," he said.

The Russian Energy Minister came up with this statement on Tuesday night during his visit to a strategic oil reserve of the United States near Freeport (Texas). The Russian minister is taking part in the first Russo-American business energy forum in Houston.