Syrian opposition ready for direct talks with government delegation — representativeWorld February 22, 21:56
UN Syria envoy expects no breakthrough at new round of Syria talksWorld February 22, 21:09
Russia opposes sharing responsibility for fate of Middle East refugeesRussian Politics & Diplomacy February 22, 20:36
First woman in space Valentina Tereshkova may meet with Queen Elizabeth IIRussian Politics & Diplomacy February 22, 20:27
Spain’s famous footballer Puyol returns to Russia next week ahead of FIFA 2017, 2018 CupsSport February 22, 20:15
Putin promotes generals to higher military ranks after Syria operationMilitary & Defense February 22, 19:56
Russia, Turkey may discuss purchase of S-400 systems at March talksMilitary & Defense February 22, 19:18
European human rights watchdog welcomes court’s ruling on Russian opposition activistWorld February 22, 18:42
Maslenitsa festival: a week of pancakes and joySociety & Culture February 22, 17:49
LONDON, December 31. /TASS/. Low oil prices may help Russia rebalance its economy away from mineral and oil dependency, international trade expert with the London School of Economics Julius Sen told TASS.
It is difficult to make a forecast of oil price dynamics for the next year because "the issue is so political," the expert said. "Russia is currently excessively dependent on oil and mineral revenues. If Russia can cope with rapid economic diversification, then long term low oil prices may actually help Russia rebalance its economy away from oil and mineral dependency. The difficulty is to do this when there is a sudden movement in oil or mineral prices," Sen said.
It is impossible to say whether productivity increase by Saudi Arabia up 1.5 mln barrels a day can destabilize the global oil market, the expert said. "Saudi Arabia is only one producer - the biggest - but not the only major producer. A lot depends on political developments in Iran, Iraq and elsewhere. The key to whether an oil price is destabilizing is if it keeps fluctuating. If it fluctuates dramatically, then it is destabilizing. If it remains at a constant rate, however low, then economies and businesses can plan around it," the expert added.