After their September meeting in Algiers spurred prices to a four-year high, the world’s two largest oil exporters sought to send a clearer signal to ease the price worries of consumers, and the U.S. president.
Russia is pumping record volumes of crude and Saudi Arabia is almost there too. Still, the muted price reaction -- and the analysis of one powerful individual -- suggests limits to their influence.
“This price for oil is very largely the result of the current U.S. administration -- these expectations of sanctions against Iran, the political problems in Venezuela,” Russian President Vladimir Putin said at a conference in Moscow on Wednesday. “Donald, if you want to find the culprit for the rise in prices, you need to look in the mirror.”
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