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Stable, Reliable Energy Market is in the Interests of All Countries - Putin

© REUTERS / Sergei KarpukhinA worker walks past pump jacks on an oil field owned by Bashneft company near the village of Nikolo-Berezovka, northwest from Ufa, Bashkortostan, January 28, 2015
A worker walks past pump jacks on an oil field owned by Bashneft company near the village of Nikolo-Berezovka, northwest from Ufa, Bashkortostan, January 28, 2015 - Sputnik International
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Russia's President claims that a stable and predictable energy market serves the interests of all states, and those responsible for the oil market have to combine efforts to ensure its steady development amid the slump in global crude prices.

MOSCOW (Sputnik) — A stable and predictable energy market serves the interests of all states, and those responsible for the oil market have to combine efforts to ensure its steady development amid global crude price slump, Russian President Vladimir Putin said.

"I would like to stress it once again: a predictable and stable energy market serves the interests of all countries. This is why in the current situation it is necessary to combine the efforts of responsible actors of the global oil market to create conditions for its steady long-term development," Putin told Egypt's Al-Ahram newspaper.

The US oil rig count dropped to 1,140 on Friday from 1,223 on January 30, continuing a 29 percent decline since an October 10 high of 1,609 rigs, according to the statement published by Baker Hughes on Friday. - Sputnik International
US Oil Drillers have Shut Down Almost 30% of Rigs Since October 2014 Peak
Dropping oil prices could make the gas and oil industry less attractive for investors, and the loss of interest causes investors to stop developing oilfields and infrastructure projects, which could lead to a decline in oil supply, the Russian president said.

"It means that at some moment there may be a powerful price correction in the opposite direction that will mean a real economic shock. Such disturbances do not benefit anyone – neither oil producers, nor consuming countries or the global economy as a whole," Putin said.

Global oil prices saw relative stability at around $110 per barrel from 2010 until June 2014, after which prices began to fall due to an oversupply in the market.

A rapid decline was noted in November 2014, when the Organization of the Petroleum Exporting Countries (OPEC) announced its intention to maintain output levels.

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