Russian President Vladimir Putin takes part in a live broadcast nationwide phone-in in Moscow in this April 17, 2014 file photo. Credit: Reuters/Alexei Nikolskyi/RIA Novosti/Kremlin/Files
Putin Says Russia Doing Fine in Face of Tumbling Crude Prices -- Bloomberg
President Vladimir Putin said Russia will cope with the rout in crude oil after benchmark prices plunged to a four-year low near $70 a barrel.
“We are satisfied overall with the situation and do not see anything so extraordinary in what is happening,” he said today in Sochi, Russia. “Winter is coming and I am sure that the market will come into balance again in the first quarter or toward the middle of next year.”
Putin’s comments run counter to the consensus of analysts, who see Russia threatened with recession after crude collapsed into a bear market. The world’s second-largest oil exporter, which relies on crude for almost half its income, is revising down estimates after basing next year’s budget on oil at $100 a barrel, Economy Minister Alexei Ulyukayev told reporters in Moscow today.
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