“Now we are all witnessing a decline in energy prices. There are all sorts of conversations on why this is happening. Either there’s some kind of a plot by Saudi Arabia and the US to punish Iran or influence the economy of Russia, Venezuela, and so on. It may be or it may be not,” he said. “Maybe it is a struggle between the traditional producers of raw materials and shale oil. We cannot say for sure.” READ MORE: OPEC won’t cut production even if oil below $40 – UAE energy minister Putin also said that plunging oil prices could lead to such a kickback that even industrialized countries would fully feel it.