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WorldAsiaPutin: energy prices close to 'economically justified' levels

Putin: energy prices close to ‘economically justified’ levels


Addressing the Russian-led Eurasian Economic Union conference in Moscow, Putin also raised the issue of energy shortages in Europe.

“Now energy prices are approaching economically justifiable levels, but who is responsible for what happened?” Putin said, addressing the leaders of Belarus, Kazakhstan and Kyrgyzstan.

Putin did not specify the prices.

Oil prices rose on Wednesday after a drop in crude and fuel supplies in the United States, and following a warning from Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, who referred to the possibility that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, in the so-called OPEC+ group, will announce further declines in oil prices and production.

Some investors believe the Saudi minister’s comments are an indication that OPEC+ could discuss further production cuts at the June 4 meeting, while Putin’s comments on prices may be an indication that no immediate changes will be brought to the production policy of the group.

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Arab Desk
Arab Desk
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