Topic: Mikhail Ilyenkov

Mikhail Ilyenkov of the Russian oil giant Rosneft accused Saudi Arabia of manipulating OPEC prices for political reasons, with reports suggesting a willingness to accept $80 per barrel. Russia requires prices near $100 to sustain its domestic budget and future spending. A continued drop in oil prices toward $50 could significantly lower global airfares and shipping costs, providing a substantial boost to the US economy.