"The optimal price is needed for both winners and consumers, so what we had recently – about USD 70 per barrel – we are fully satisfied," Putin said at a press conference at the ASEAN summit in Singapore.
He added that the Russian state budget expenditure is based on oil prices of USD 40 per barrel.
At the same time, Putin said that Russia is ready to cooperate with Saudi Arabia in its calls to reduce oil production in order to raise oil prices.
Saudi energy minister Halid al Falihh called for a reduction in oil production by a million barrels a day to help stabilize the market.
The minister also said that Saudi Arabia, the world's largest oil producing country, is already beginning to cut its oil production by 500,000 barrels a day from next month, striving to stabilize the market.
"At the moment I can not say if oil production should be limited, we have to be very careful, because every word matters," Putin said. "But the fact that we have to cooperate with Saudi Arabia is obvious."