When Saudi Arabia injects oil into the economy with increased drilling, firms who buy oil in international markets are the first to be affected by the change.

FORBES: Monetary Easing Has (Almost) Nothing To Do With Deceiving Consumers

Severe external pressures, such the eurozone debt crisis, weak US growth and rising oil prices, had led to a "dramatic change" in the international situation in the past six months, he acknowledged.

BBC: Clegg warns that economic situation is deteriorating