Russian President Vladimir Putin said on Thursday that the price of oil at $70 per barrel "suits" Moscow, while promising to "cooperate" with Saudi Arabia's call to cut output in an effort to bolster prices. "The situation as it is now, at around $70 (per barrel), suits us completely," Putin said at a summit in Singapore. "As you know, we have a budget expenditure based on $40 (per barrel)," he added. Oil prices have shed a fifth of their value over the past month due to oversupply and signs of a softer-than-expected impact from sanctions on Iranian crude exports.