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Oil prices will be adjusted - if not now then next year

“These are the two fundamental factors but there is also a monetary one -the fluctuating dollar rate,” Putin told a news conference on results of the G20 summit

BRISBANE, November 16 /TASS/. Russian President Vladimir Putin said on Sunday that the current fall in oil prices was not affecting Russia’s budget. According to him, it has been caused by growing oil production and a drop in oil demand.

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Putin points out three reasons for oil prices to fall

“These are the two fundamental factors but there is also a monetary one -the fluctuating dollar rate,” Putin told a news conference on results of the G20 summit.

“I would like to stress it once again that the falling oil prices are not affecting the Russian state budget. What I mean is the Central Bank’s decision on transition to the floating rate,” Putin said adding that oil prices also concerned the financial state of energy companies, investments in their future development, extraction, etc.

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