Extracts from an article by By Andrew Critchlow, Business News Editor of The Telegraph, published 12 May 2014 under the newspaper headline: “Oil prices poised to tumble as US toys with opening reserve stocks”
Oil prices are on the brink of possibly their biggest correction since the global financial crisis after Vladimir Putin’s gamble to use Russia’s crude as a political weapon backfired spectacularly on the Kremlin. A potent energy superpower, Russia had thought that it could use its status as the world’s largest oil producer and biggest exporter of natural gas through cross-border pipelines to intimidate and quite literally bully Western powers into submission over Ukraine. Regardless of the fracking revolution in the US, the world appears to be flooded with crude. Putin appears to have forgotten the lesson of his fallen Soviet comrades of the old communist order, and in meddling with world oil markets, he may have laid the foundations for his own economic demise.
WEB PUBLISHED ARTICLE UNDER THE HEADLINE: Obama aims oil weapon at Putin but will he pull the trigger?
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