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Russia: Oil surplus and global economic crunch at heart of fiscal downturn - Putin01:28

Russia: Oil surplus and global economic crunch at heart of fiscal downturn - Putin

Russian Federation, Stavropol
January 25, 2016 at 20:58 GMT +00:00 · Published

Russian President Vladimir Putin said overproduction of oil was one of the reasons for fiscal downturn during the All-Russia People's Front meeting in the Stavropol Territory, Monday, stating that fuel is simply “not being consumed in today's economy at the rate” predicted. “The world economy is contracting; this determines the price of a barrel of oil,” added the President.

Putin addressed the slowdown in the Chinese economy, saying that it cannot be compared to the situation with Russia. “The economy there is different. There is deflation there and inflation here,” said the President. He added “manufacturers produce goods there, and sometimes after that cannot sell at a price which can recoup the [price of] production.”

The All-Russia People's Front was set at Putin’s behest to provide the governing United Russia party with new policy ideas. The started on Sunday, the two-day event is expected to attract around 600 people from across Russia’s regions.

Russia: Oil surplus and global economic crunch at heart of fiscal downturn - Putin01:28
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Russian President Vladimir Putin said overproduction of oil was one of the reasons for fiscal downturn during the All-Russia People's Front meeting in the Stavropol Territory, Monday, stating that fuel is simply “not being consumed in today's economy at the rate” predicted. “The world economy is contracting; this determines the price of a barrel of oil,” added the President.

Putin addressed the slowdown in the Chinese economy, saying that it cannot be compared to the situation with Russia. “The economy there is different. There is deflation there and inflation here,” said the President. He added “manufacturers produce goods there, and sometimes after that cannot sell at a price which can recoup the [price of] production.”

The All-Russia People's Front was set at Putin’s behest to provide the governing United Russia party with new policy ideas. The started on Sunday, the two-day event is expected to attract around 600 people from across Russia’s regions.

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