MOSCOW (Sputnik) — A stable and predictable energy market serves the interests of all states, and those responsible for the oil market have to combine efforts to ensure its steady development amid global crude price slump, Russian President Vladimir Putin said.
"I would like to stress it once again: a predictable and stable energy market serves the interests of all countries. This is why in the current situation it is necessary to combine the efforts of responsible actors of the global oil market to create conditions for its steady long-term development," Putin told Egypt's Al-Ahram newspaper.
"It means that at some moment there may be a powerful price correction in the opposite direction that will mean a real economic shock. Such disturbances do not benefit anyone – neither oil producers, nor consuming countries or the global economy as a whole," Putin said.
Global oil prices saw relative stability at around $110 per barrel from 2010 until June 2014, after which prices began to fall due to an oversupply in the market.
A rapid decline was noted in November 2014, when the Organization of the Petroleum Exporting Countries (OPEC) announced its intention to maintain output levels.
