Oil price politics

Few people in the oil industry doubt that the fall in oil prices is politically motivated. The Saudis have turned on their oil taps to the ­maximum, encouraged by the USA, in order to punish the Russians for the Ukraine crisis.

Russia depends almost ­entirely on oil exports to fuel its economy. When Russia pulls back in Ukraine the oil price will ­return to around $100 per barrel. Simple.

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James Duncan

Edinburgh