Big League Politics by Jose Nino
During a plenary session of the Valdai International Discussion club that was held on October 27, 2022, Russian President Vladimir Putin declared that current upward movement in global oil prices is due to the “systemic mistakes” the Collective West has made on energy policy.
“This crisis was caused by systemic measures that restricted the development of traditional fuels,” Putin declared. “A serious lack of funding in the sector resulted in a deficit, that’s all.”
“The United States is taking oil from its strategic reserves, but they will certainly have to replenish them later, and market experts understand it. Tomorrow, they will have to compensate for everything that is now being taken from the strategic reserves. They say: ‘We will buy later, when prices are low.’ But prices are still far from falling, and so they have to buy [oil] at a high price,” Putin added…
