Reports say Russia believes an oil price at $45-$50.00 U.S. per barrel is acceptable to allow the global oil market to balance, as the oil power prepares to meet leading oil producers in Doha later this month.
Leading oil producers plan to meet in Doha on April 17 to cement a preliminary deal reached between Russia, Venezuela, Qatar and Saudi Arabia in February to freeze oil output at levels reached in January, to curb a surplus on the oil market.
Oil producers such as Russia and Venezuela are highly dependent on energy revenues, with their state budgets at risk after global oil prices fell to under $40.00 per barrel from over $115.00 U.S. in June 2014.
The Doha meeting is expected to bring together major oil producers, including the ex-Soviet nations Kazakhstan and Azerbaijan, which along with Russia have seen their currencies cut into by weak oil.
The key question concerns Iran, which saw its oil output curtailed for years by sanctions that have been lifted this year, and wants to bring its output to pre-sanctions levels before sticking to any agreement. Russian Energy Minister Alexander Novak confirmed this week that Tehran plans to attend the Doha meeting.
