The Future of Russian Oil Production
According to experts, Russia will continue to actively export oil until 2020, even after which significant decreases are not expected. Russia is rightfully considered a reliable exporter of raw materials for its partners abroad. However, this wealth of raw materials cannot last forever if only because raw materials are exhaustible. Experts see bright prospects for the Russian economy if it diversifies along the lines of the Chilean scenario.
The Russian economy is highly dependent on its raw materials. This is no secret to anyone with the least bit of knowledge of the country. According to the Federal Tax Service, taxes on oil and gas production in Russia account for nearly half of the federal budget. If we add metal and timber exports to those of oil and gas, then we will have 85 percent of all Russian exports. Such a heavy dependence on its natural resources, also known as its “raw materials habit”, makes Russia a stable oil and gas exporter on which one can rely in the long term, but it also creates a certain number of economic problems.
