The changes in the oil market are tectonic - Vladimir Putin

The changes in the oil market are tectonic, Russian President Vladimir Putin said at the meeting on oil industry development held via videoconference, according to the meeting transcript published on the Kremlin website.

“Business is unlikely to follow old patterns. Under these new conditions, it is important not only to produce oil but also to build an entire vertical chain, all the way to the end consumer,” said the President adding that “our partners’ erratic actions have resulted in a de facto growth in revenue in the Russian oil-and-gas sector.