Putin Says Russia Disagrees with OPEC on Fair Oil Price

Russian President Vladimir Putin gestures as he attends a news conference with his Chinese counterpart Xi Jinping (not pictured) after their meeting at the Kremlin in Moscow, Russia, June 5, 2019. REUTERS/Evgenia Novozhenina

MOSCOW, June 6 (Reuters) – President Vladimir Putin said on Thursday Russia had differences with OPEC over what constituted a fair price for oil, but that Moscow would take a joint decision on output with OPEC colleagues at a policy meeting in the coming weeks.

Putin said a price of $60-$65 a barrel suited Moscow, while Saudi Arabia wanted a higher price.

He added that the decision by OPEC and its oil exporting allies should take into account the decline in production in Iran and Venezuela, and problems in Libya and Nigeria.

He declined to say what Russia would do with output in the second half of this year.

(Reporting by Vladimir Soldatkin, Maria Kiselyova, Christian Lowe; writing by Tom Balmforth; Editing by Jan Harvey)