The Head of the Accounting Chamber of the Russian Federation Urged to Abandon Oil and Gas Money
"In general, the Russian oil industry has been living for about 60 years, and we have 10-15 years left, if not completely from this refusal, to begin a smooth transition from using this source," writes the head of the Accounts Chamber. This decision is connected with the fact that by 2050 the use of hydrocarbon sources in the world will decrease. This can pose a serious challenge for Russia.
Earlier, the Russian Ministry of Finance admitted a catastrophic decline in global oil demand in the long term. According to the ministry, in this case, the cost of oil will determine the operating costs of its production, which is why this type of fuel by 2050 may be 17-24 percent of the 2019 level, and prices may fall to $ 25 per barrel. This would mean a fall of four to six times. In the medium term, according to the Ministry of Finance, prices will set in the range from 55 to 60 per barrel.
Earlier, the ministry submitted to the government a draft budget for 2022, according to which the country will return to post-Soviet oil production. Russian companies will increase the total production of oil and gas condensate by 8 percent to 559.9 million tons.