#AceFinanceNews – MOSCOW – April 17 – Opportunities for the West to hurt the Russian economy are limited, President Vladimir Putin said Thursday.
Europe cannot stop buying Russian gas without inflicting pain on itself, and if the US tries to lower oil prices, the dollar will suffer.
If the West tries to damage Russia’s influence in the world energy market, efforts will likely backfire, the Russian President said during his twelfth annual televised question and answer session.
To really influence the world oil market a country would need to increase production and cut prices, which currently only Saudi Arabia could afford, Putin said.
The president added he did not expect Saudi Arabia, which has “very kind relations” with Russia, will choose to cut prices, that could also damage its own economy.
If world oil production increases, the price could go down to about $85 per barrel.
“For us the price fall from $90 to $85 per barrel is not critical,” Putin said, adding that for Saudi Arabia it would be more sensitive.