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Putin Blames 'Politics' For Falling Oil Prices

Russian President Vladimir Putin
Russian President Vladimir Putin

Russian President Vladimir Putin has blamed politics, in part, for a decline in world oil prices.

Speaking to Chinese state media, Putin said "a political component is always present in oil prices."

A Kremlin transcript of Putin's November 6 interview also quotes the Russian leader as saying: "At some moments of crisis, it starts to feel like it is the politics that prevails in the pricing of energy resources."

He also said an "obvious reason" for the decline was a "slowdown in the rate of economic growth."

Oil prices have fallen to about $78 a barrel, down from a June high of $108 a barrel.

The falling price means trouble for Russia's economy and budget, which was based on Russia receiving more than $100 a barrel for its petroleum exports.

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