World press on the fall in oil prices (October 14-15, 2014)"Fall in Oil Prices Poses a Problem for Russia, Iraq and Others" says the title of an article published by the New York Times."A steep decline in oil prices is straining the budgets of major petroleum-exporting countries around the globe, raising a specter of spending cuts in Russia, where the economy is under pressure from Western sanctions, and posing a potentially grave security challenge for Iraq, which is already struggling to finance its fight against the Islamic State", says the article."The price drop is mostly welcome news in the developed world, and particularly in Washington. Countries like Russia, Iran and Venezuela that in recent years have sought to thwart America’s influence could begin to moderate their behavior, as they come under growing financial pressure. While Russia maintains reserves of hundreds of billions of dollars as a cushion for precisely this sort of price drop, there are already signs of tensions here", writes the New York Times.“If oil prices were to stay in the range they are in now, we’ll see the Russian budget fall into deficit next year; that’s on top of the economic challenges they are already facing from sanctions and the decline in the value of their currency,” the New York Times quoted Jason Bordoff, the director of the Center on Global Energy Policy at Columbia University in New York.
"Fall in Oil Prices Poses a Problem for Russia, Iraq and Others" says the title of an article published by the New York Times.
"A steep decline in oil prices is straining the budgets of major petroleum-exporting countries around the globe, raising a specter of spending cuts in Russia, where the economy is under pressure from Western sanctions, and posing a potentially grave security challenge for Iraq, which is already struggling to finance its fight against the Islamic State", says the article.
"The price drop is mostly welcome news in the developed world, and particularly in Washington. Countries like Russia, Iran and Venezuela that in recent years have sought to thwart America’s influence could begin to moderate their behavior, as they come under growing financial pressure. While Russia maintains reserves of hundreds of billions of dollars as a cushion for precisely this sort of price drop, there are already signs of tensions here", writes the New York Times.
“If oil prices were to stay in the range they are in now, we’ll see the Russian budget fall into deficit next year; that’s on top of the economic challenges they are already facing from sanctions and the decline in the value of their currency,” the New York Times quoted Jason Bordoff, the director of the Center on Global Energy Policy at Columbia University in New York.
