Putin To Trump: Look At The Mirror To See The Person Responsible For Rising Oil Prices

BAGHDAD, US President Donald Trump must blame himself for rising oil prices, President Vladimir Putin said on Wednesday.According to Russian Tass news agency, Putin said in a press statement addressing Trump: "If you want to find the person responsible...

BAGHDAD, US President Donald Trump must blame himself for rising oil prices, President Vladimir Putin said on Wednesday.

According to Russian Tass news agency, Putin said in a press statement addressing Trump: "If you want to find the person responsible for rising prices, Trump, you have to look at the mirror."

"It would be better if US President Donald Trump did not intervene to try to manage the oil markets," Putin said, adding that the United States was responsible for the geopolitical factors that led to higher prices.

"US pressure on oil supplies from Iran, an ally of Russia, has had an impact on the global market," he added.

"We have already raised production by 400,000 barrels per day and we have agreed with the partners," he said, adding that "we could increase it by another 200-300 thousand barrels if needed.

Putin said Russia would be "very satisfied" when the price of oil is between $ 65 and $ 75 a barrel.

"The price of $ 65 to $ 75 per barrel is right for us," Putin said, added "This price will be perfectly natural to ensure that the oil companies operate and that the investment process works effectively."

Oil is one of Russia's main exports, pledging to continue dialogue with global oil producers to maintain stability in crude markets.

At the end of June, OPEC countries and others, including Russia, agreed to increase production after a late-2016 agreement to limit production to support prices.

Despite rising prices this week, oil remains below record levels above $ 147 a barrel in 2008 ahead of the global financial crisis that led to falling demand.

The collapse of prices in 2014, combined with Western sanctions due to the conflict in Ukraine, damaged the Russian economy and plunged it into a recession that greatly affected the purchasing power of Russian consumers.

Source: National Iraqi News Agency