Putin Blames Politics for Falling Energy Prices

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President Vladimir Putin has suggested that the fall in global oil prices that is hurting Russia's economy was caused in part by political manipulation. According to a text released by the Kremlin, Putin said, "Of course, the obvious reason for the decline in global oil prices is the slowdown in the rate of global economic growth which means energy consumption being reduced in a whole range of countries. In addition, 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." The price of Russia's flagship Urals crude oil blend has fallen by about a quarter since the end of June, following the trend in global oil prices. http://bit.ly/13ORVEy http://bit.ly/1fJ5yqZ

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