Russian President Vladimir Putin confessed to Bloomberg that he was wrong when he talked about the effects of lower oil prices. The text of the interview published on Friday, September 2, on the Kremlin website.
According to the journalist of the Agency of John Micklethwaite, in 2014, Putin claimed that the decline in oil prices to $ 80 “oil production will collapse”. “The price is still below $ 50, and production has not stopped. Have you changed your approach to this issue?” “he asked.
In response, Putin said: “If I told you that oil production will stop, then I was wrong. But I don’t remember where I said that, apparently, the heat of the moment, but, in my opinion, I even never said you were, but maybe don’t remember it.”
According to the Russian President, it was that “at a certain level of oil prices, new fields are unlikely to be introduced”. “In fact, it happens”, — he added.
October 17, 2014 at a press conference on the results of the ASEM summit in Milan, Putin said that the projects for the extraction of shale oil in the US is profitable if the price of oil at $ 80. “If world prices hold at $ 80, all production will collapse, major oil-producing countries too the budget is counted from the calculation of 80 dollars with small, under 90 dollars for barrel… there are Adjustments relate to objective circumstances”, he argued.
However, he stressed that “none of the market participants are not interested in the price falls below $ 80”. That day the price of Brent crude on world markets was 85,96 USD per barrel.
