Russia's Putin says current oil prices acceptable
MOSCOW - Russian President Vladimir Putin said that Russia can cope with the recent decline in oil prices as the coronavirus has spread internationally but offered a chink of light to OPEC as the producer group pushes for deeper supply cuts.
OPEC+ is due to meet in Vienna this week to decide on production policy when its existing supply pact expires at the end of March. The price of Brent crude slumped to $50.05 on Friday, its lowest since late 2018, on fears that the coronavirus outbreak will trigger oil demand destruction. Putin also highlighted the difficulty in forecasting moves in oil prices and acknowledged that Russia needs to be ready for various scenarios.
Putin asked meeting participants for their views on further possible action on the global oil market and said he hoped that steps taken by Russia to prevent the spread of the coronavirus were effective.Russia has limited entry for Chinese, South Korean and Iranian citizens and said it will deport 88 foreign nationals for alleged violations of quarantine measures.
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