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Putin: politics prevails in pricing of energy resources at moments of crisis

November 06, 2014, 23:26 UTC+3 MOSCOW
“Another negative factor is the lack of distinct direct link between the physical oil markets and the financial platforms where the trade is conducted,” Putin said
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© Михаил Метцель/ТАСС

MOSCOW, November 6. /TASS/. Russian President Vladimir Putin said Thursday there is a feeling that politics sometimes prevails in the pricing of energy resources.

“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,” Putin said in an interview with the leading Chinese media outlets.

“Another negative factor is the lack of distinct direct link between the physical oil markets and the financial platforms where the trade is conducted,” he said.

“At the same time, the derivatives greatly increasing the volatility of oil prices are being actively used. Unfortunately, such a situation creates the conditions for speculative activity and, as a consequence, for manipulating the prices in someone's interests,” Putin said.

“Of course, the obvious reason of the decline in global oil prices is the slowdown in the rate of economic growth which means energy consumption being reduced in a whole range of countries,” he said.

“Moreover both strategic and commercial oil reserves in developed countries are at their highest levels in history. There is also an impact of innovations in the technology of oil production which led to the new volumes of hydrocarbon entering the regional markets,” Putin said.

Read the full interview

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