Putin comments on falling oil prices

Russian President Vladimir Putin believes that falling oil prices are a result of a slowing rate of economic growth, reduction of energy consumption, crisis moments in politics and manipulation of prices on the market, Interfax reports.

Concerning the measures the Russian government is taking to overcome the problem, Putin noted diversification of the structure and sources of economic growth and a reduction of dependence on the European market of hydrocarbons by exporting more oil and gas to the Asia-Pacific Region. The president plans to optimize budget expenditure, credit and tax policies.