Space technologies offer glimpse at Tsar Ivan the Terrible’s rare portraitSociety & Culture May 26, 8:05
Meteorologists name world’s deadliest cyclones, tornadoes and hailstormsWorld May 26, 7:51
Most Americans view Russia as unfriendly country — surveySociety & Culture May 26, 7:35
Trump yet to determine his stance on anti-Russian sanctionsWorld May 26, 6:29
Russia ensuring rights of workers at FIFA World Cup construction sitesSport May 26, 3:08
Russian emergencies minister arrives in flood-hit southern RussiaWorld May 26, 2:56
NATO to join anti-IS coalition but unlikely to engage in combatWorld May 26, 0:23
Son of LUKOIL corporation co-owner tops list of Russia's richest legateesBusiness & Economy May 26, 0:23
Russian Foreign Ministry: OPCW not rushing to investigate chemical incident in SyriaRussian Politics & Diplomacy May 25, 21:28
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.