Russia is fine with the oil price of around $70 per barrel, President Vladimir Putin told a press conference on Thursday.

"A reasonable price both for producers and consumers is needed," he said. "What we are having now, what has been recently - around $70 (per barrel) - is just fine for us," Putin added.

According to President, the Russian budget relies on the price of Brent crude oil of $40 per barrel. "That allows us to feel comfortable, work calmly, stably, achieve very good results that influence macroeconomic indicators," he said.