Putin Says Russia Wants Fair OPEC-determined Oil Prices Corridor

Vladimir Putin said during his Saturday night interview with American journalists that Russia wanted a fair oil prices corridor. According to him, this implies the OPEC-determined $21-27 for barrel corridor. This price corridor would create conditions for oil consumers to develop efficiently and allow oil-producing countries to solve their economic and social problems, Putin noted. The Russian President also supposed that "the drop of prices on world markets would dramatically affect" the Russian economy, since "the budget was based on a presumption that the oil prices dynamics would be negative." However, "we have no panic with this regard."

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