Oil price slumps may have been aimed at Russia: Deputy PM
The recent slump in oil prices could have been an attempt to undermine the Russian economy, Russia’s deputy prime minister says, stressing that the depreciation cannot continue for long.
The price fall “cannot work longer than a few months because then other more serious changes start to take place,” which could lead to a sharp rise in oil prices, Arkady Dvorkovich told the Russian Channel 1 TV network.
He said the current fluctuations in the oil market will lead to lower investment in oil-related fields.
“A lot of the investments will not be made if there is such volatility in oil prices, and if there is no investment, the oil supply will not be as high,” the senior Russian official said, adding, “Prices may immediately increase by a lot when it turns out that investments were not made.”
Russia’s budget relies heavily on oil prices, which have plunged more than 50 percent since June last year to reach the lowest levels in six years. On Friday, the prices rose to more than 60 dollars per barrel for the first time in the current year.
Russia has, in the past few months, been hit by sanctions imposed the US and EU over its alleged involvement in the Ukrainian crisis. Moscow has categorically denied the allegation.
European powers have also threatened fresh sanctions against Russia should a newly-signed ceasefire deal aimed at ending the crisis in eastern Ukraine fail to work.
The ceasefire deal between the Ukrainian government and the pro-Russians came after marathon talks by the leaders of Russia, Ukraine, France, and Germany in the Belarusian capital of Minsk last Thursday. Under the deal, heavy weapons are also to be withdrawn from the frontlines of the conflict.
The fighting between the Ukrainian army and pro-Russia forces in eastern Ukraine has taken a heavy toll on thousands of people since mid-April 2014.
Over 5,500 people have died and some 12,200 have been wounded in the conflict, the United Nations says. Around 1.5 million people have also been forced to leave their homes over the past months of turmoil.
MSM/HJL/HMV
N. Korea, Russia bound in ‘blood of war’: Kim tells Putin in New Year note
West uses sanctions to cling to fading dominance: Moscow
Russian adviser praises Gen. Soleimani’s ‘courage and wisdom’ at Moscow memorial
German journalist says Israeli forces raped her after abducting her from Gaza flotilla
VIDEO | Press TV's news headlines
VIDEO | Israeli forces launch wide-scale military operation in Qabatiya, south of Jenin
Trump-backed push brings Jolani regime, Israel closer to deal: Israeli media
VIDEO | Iraqi govt. rejects any kind of normalization with Israeli regime
VIDEO | Venezuela's medicine prices soar to unaffordable level amid US blockades
Somalia officially demands Israel reverse recognition of Somaliland
Hezbollah condemns deadly terror attack on worshippers in Syria’s Homs
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
