Politicians and 'financial platforms' are pushing oil prices down, Putin says

Section:

Gold too, Mister President?

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Vladimir Putin: Oil Price Decline Has Been Engineered by Political Forces

By Peter Spence
The Telegraph, London
Thursday, November 6, 2014

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

The Russian state has been heavily exposed to slumping oil values, widely viewed to be the result of a supply glut.

"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.

In addition to this, "a political component is always present in oil prices. Furthermore, at some moments of crisis it starts to feel like it is the politics that prevails in the pricing of energy resources," he added.

Mr Putin also referred to a "distinct direct link" between physical oil markets and "the financial platforms where the trade is conducted," in explaining part of oil price changes. ...

... For the remainder of the report:

http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/1121506...



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