The fact that Russia and most OPEC members are happy at different oil price levels has never been a secret. Now, President Putin has said it as bluntly as possible: Russia does not need oil prices to be as high as Saudi Arabia does. Though no surprise, this comment would certainly fuel more anxiety among traders as the next OPEC+ meeting approaches. That meeting should set the course for the group through the rest of the year. “This is natural,” Putin told media as quoted by Reuters. “Look at the price of a barrel, which Saudi Arabia uses to calculate its budget. This is significantly higher than for us.” Indeed, Russia’s budget for this year is based on an average price of US$40 per barrel of crude as Moscow continues its cautious budgeting approach after the fallout of the 2014 price crisis. Saudi Arabia, on the other hand, needs […]