MILAN - Russian President Vladimir Putin expects the world oil prices to be adjusted, as none of the major market players is interested in keeping it around $80 per barrel.
‘I think the price will level off and will be adjusted, especially considering that none of the serious market players is interested in keeping it at quite a low level, $80 [per barrel] or slightly higher,’ Putin said at a press conference in Milan on Friday.
Putin reasoned that keeping the oil prices at $80 is unprofitable. ‘If you take oil that is produced in the United States, its profitability is $80. If the world prices stay at the $80 level, then the entire production will collapse,’ Putin said.
