The major oil exporter has also had a torrid time with volatile oil prices over the last year. A barrel of Brent crude cost around $67 in January. But the price zig-zagged throughout the spring and summer and reached around $85 in October, before falling to its current level of $55. Russia formed a close relationship with fellow oil producer, and OPEC leader, Saudi Arabia, to stabilize prices by cutting production.
Amid fears of a drop in global supply both producers agreed to pump more oil in summer. In early December, that decision was reversed with the alliance deciding to cut again. Despite Russia’s reliance on oil exports for much of its growth, Putin once again stressed the need for structural reforms and diversification when asked by one journalist why growth was not higher.
“We cannot provide for the necessary rate of economic growth unless we change the structure of our economy,” he said.
Putin’s annual press conference is largely seen as a way for the Kremlin to show it is transparent and accountable but the level of questioning is not usually overtly critical on Putin. According to the Russian state-owned news outlet Russia Today, which live broadcast the conference, this year’s Q&A saw a record number of journalists accredited for the event, at 1,702.
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