The Russian economy must adapt to the reality of oil prices that could fall as low as $40 a barrel, President Vladimir Putin said as he faces the worst financial crisis since coming to power in 2000. “I don’t know how quickly it will happen if prices stay at today’s level, or if they will drop lower than $60, $40,” Putin said today at his annual press conference in Moscow. “The economy will structure itself accordingly, however much is necessary.” The U.S. and Saudi Arabia , which with Russia are the world’s three biggest crude producers, may be colluding to push down the price of oil, Putin said. The collapse of prices, which are down more than 40 percent this year, may also be due to a battle for market share between traditional producers and shale-oil companies, he said. Oil is heading for its biggest annual loss since the […]