Dmitri Peskov, Kremlin spokesman, photo: Sergey Guneev / Sputnik / Profimedia
The Kremlin said on Tuesday that Russia's interests are more important than the price of oil, after US President Donald Trump had suggested a day ago that the recent drop in oil price would make his Russian counterpart Vladimir a little more willing to conclude a peace with Ukraine.
“The price of oil cannot be a factor that influences the attitude of Russia towards its national interests,” said Russian President Dmitri Peskov, in his daily press conference, according to EFE, Reuters and Agerpres.
Peskov acknowledged that the price of crude oil is, without a doubt, “an important factor” for the Russian budget, but insisted that Russia monitors the international “situation” and works with the OPEC+ alliance to maintain prices at “an optimal level”.
US President Donald Trump said Moscow and Kiev want to resolve the war and that Russian President Vladimir Putin would have more inclined to peace after the recent drop in oil. “I think Russia, given the price of oil at this time, the oil has dropped, we are in a good position to solve it, they want to understand. Ukraine wants to reach an agreement,” Trump told the Press in the Oval Office on Monday, according to Reuters.
The OPEC+ Alliance decided on Saturday to increase its oil production by 411. 000 barrels a day since June 1, after the production of the same volume this month has already increased, three times more than the initial plans of OPEC+.
This new OPEC+ policy has surprised the usual markets with the very cautious strategy of the Alliance from the crisis triggered by the Covid Pandemic, focused on regaining investors trust by ensuring a high price level.
OPEC approves an accelerated increase in oil production for June. New policy surprised markets
The price of the Brent border barrel for delivery in July closed 1.73%on Monday, at $ 60.23, on the Futures market in London, due to overruning fears following the OPEC+ decision to increase production.
The European gross oil dropped by $ 1.06 compared to the price on Friday, closing to $ 61.29, but dropped to $ 58.50 during the day, dropping below $ 59 for the first time in April.
According to the Ministry of Finance in Moscow, due to the decrease in the forecast price of oil, the Russian budget will not receive in 2025 additional oil and gas revenues, which were initially estimated at 1.8 trillion rubles. Thus, the total revenues of the federal budget could be related to 38.5 trillion rubles, instead of 40.3 trillion planned for autumn, according to rbk.ru.
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