Ivan Grachev: Deliberate Low Oil Price Is A Cold War Act

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Translated by Ollie Richardson for Fort Russ

8th January, 2016


Low oil prices will last as long as the US can withstand it, who started the drop against Russia as a “cold war” act, said a member of the state Duma Committee on Energy, Ivan Grachev, to the radio station “Russian news service”. The MP expects growth in oil prices in the foreseeable future.

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“I believe that it will reach 100 and 110, and higher in the foreseeable future. And the current price is another act against us since the “cold war” began, the artificial lowering of the price of oil”, — he told RNS.

The cost of futures for Brent oil continues to fall, losing more than 4% and dropping below 33 dollars a barrel, reported Reuters. According to the agency, this low rate has been seen for the first time since April 2004. These low oil prices will last as long as the US can withstand it, assures Grachev.

“America is losing about half a billion dollars a day, if you figure out what the normal price is, 80 dollars per barrel, and now it is selling at 30. They will not be able to withstand it for long,” said the Deputy to the radio station.

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