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    Russian President Vladimir Putin speaks during his annual news conference in Moscow

    Putin: Impossible to Say For Sure What Happens to Oil Prices

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    President Putin's Press Conference 2014 (43)
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    The development of the situation with oil prices is unpredictable, Vladimir Purin said commenting on the current slump.

    MOSCOW, December 18 (Sputnik) – It is impossible to make reliable predictions on the dynamics of oil prices, Russian President Vladimir Putin said Thursday.

    According to Putin, different ideas have been voiced on what caused the current slump in global economic prices and on how the situation will unfold, but the Russian government “cannot say anything for certain".

    Over the past five months, oil prices have fallen by over $40 per barrel, hitting a five-year low. The trend became even stronger as the OPEC meeting in November resulted in a decision to keep the current daily oil production ceiling at 30 million barrels, immediately causing the price of Brent crude to fall below the benchmark level of $75 per barrel.

    Crude accounts for a considerable portion of Russia's revenue. The decline in oil prices was accompanied by a rapid depreciation of the Russian ruble against other world currencies in the last two weeks.

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    President Putin's Press Conference 2014 (43)

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    economic forecast, oil prices, Putin's Annual Press Conference, Vladimir Putin, Russia
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