Vladimir Putin: oil price decline has been engineered by political forces

As slumping oil prices dampen Russia’s economic outlook, the country’s President has said that “at some moments of crisis it starts to feel like it is the politics that prevails in the pricing of energy resources”.

Recent tumbles in the value of oil on global markets have been the creation of politicians, Vladimir Putin, President of Russia, suggested on Thursday.

“The obvious reason for the decline in global oil prices is the slowdown in the rate of [global] economic growth which means consumption is being reduced in a whole range of countries”, Mr Putin said. Continue reading