Russian emergencies ministry deploys airmobile hospital in SyriaMilitary & Defense December 05, 13:53
Sukhoi-33 jet crashes while landing on Admiral Kuznetsov carrierMilitary & Defense December 05, 13:41
Russian athletes may take part in 2017 European championship under neutral flagSport December 05, 13:36
Talks between OPEC, non-OPEC members to be held on Dec 10 in ViennaBusiness & Economy December 05, 13:29
Lavrov says militants who do not leave eastern Aleppo to be regarded as terroristsRussian Politics & Diplomacy December 05, 13:20
Russia sees no need to establish military blocks in Asian-Pacific regionRussian Politics & Diplomacy December 05, 13:05
Press review: US pushes for new anti-Russia sanctions and Russia's military export in 2016Press Review December 05, 13:00
St. Petersburg University ranks 64th among Europe's best business schoolsSociety & Culture December 05, 12:59
Navy commander: Russia’s aircraft carrier-led group in Mediterranean is self-sufficientMilitary & Defense December 05, 12:55
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.