The Kremlin said that the oil price should be higher

The current price of oil on the world market is low price, “I would like higher,” said the press Secretary of the President Dmitry Peskov.

В Кремле заявили, что цена на нефть должна быть выше

In the course of communication with journalists on Tuesday Peskov, asked whether the Kremlin is satisfied with current oil price of $27 per barrel, Interfax reports.

“Of course, it’s low price, I would like higher,” — said the spokesman.

Peskov reminded that due to the current situation Iraq has called for an urgent meeting of OPEC+, and analysts are encouraged to join the G20 solution to the problem. In this regard, the press Secretary was asked about how Russia is looking at this issue and whether to return to the coordination mechanism of oil production.

“We are carefully monitoring the situation in international oil markets, analyze the situation, trying to build a relatively near future and over the medium term, depending on this will be formulated the position,” — said Peskov.

On 6 March the meeting of OPEC+ are unable to agree on a new deal to reduce oil production. Russia refused to join a new agreement on production cuts, in turn, Saudi Arabia has announced its intention to increase its own production and offered customers significant discounts on April.

On 10 March it became known that Saudi Aramco will increase the production to 13 million barrels per day and the April delivery to the market to 12.3 million barrels per day (300 thousand b/d of exceeds the maximum power of the company). Aramco agreed with customers on providing these volumes since April 1.

“Price war”, as it is dubbed by the Western media, led to the collapse of oil prices.