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Russia’s ambassador rules out Saudi Arabia-US conspiracy behind oil price slump

February 05, 2015, 13:46 UTC+3 MOSCOW

The objective factors behind the falling oil prices are slow economic growth in China and the supply exceeding the demand

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© AP Photo/Hasan Jamali

MOSCOW, February 5. /TASS/. Russia’s ambassador to Saudi Arabia has dismissed media speculation linking the plunging oil prices to alleged conspiracy between Riyadh and the United States.

"Riyadh has repeatedly, including in public, and through its oil minister, rejected these allegations," Ambassador Oleg Ozerov said in an interview with TASS, speaking about Saudi Arabia’s oil policy.

The objective factors behind the falling oil prices are slower than expected economic growth in China and that the oil supply is much higher than demand, the Russian diplomat said, adding that the rest is an "interpretation of experts."

"One should rely on factors, and they are that the export of Saudi Arabia’s oil to the US at the moment is not higher than 5-6% from the overall hydrocarbons consumption by the Americans, while the total oil production of Saudi Arabia in the world balance hardly exceeds 10%," Ozerov said.

Saudi Arabia has repeatedly stated that it is not planning to meddle in the market pricing. "The Russian stance, based on the statements of President Vladimir Putin, is the same," the ambassador said.

"Other things, including the assumptions linking the oil prices to Russia’s changing position on a number of international and regional problems, including on the Syrian crisis, should be referred to the speculations of journalists," he said.

Ozerov stressed that Saudi Arabia is a rich and strong state that has gold and foreign exchange reserves worth $730 billion what allows it "surviving calmly the period of low oil prices."

Infographics Oil prices over 30 years

Oil prices over 30 years

Year-average inflation-adjusted oil price. Infographics by TASS

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