Translation - Anis al-Saffar
Russia cut hope in the return of a stable recovery of oil prices and took prepare themselves to face the new era of abundant raw after that is America's production of shale oil put energy markets in the world.
The Kremlin has taken a quantum strategy drastic go to rationalize spending in the oil industry The gas, which was once the holy sacred and inviolable, relying instead on reviving industry and agriculture, encouraged by the significant improvement in the value of the ruble.
Russian President «Vladimir Putin» he said in an interview with a group of investors in the «Russia calls!» forum held Group «VTB Capital» investment banking in Moscow: «We have to be careful in the future Astaqraouatna, that's why we put our budget very conservatively assuming that the price of oil will remain hovering around $ 50 a barrel. It is no secret that prices while the decline is shrinking investments and then disappear.
»Says Russian Finance Minister« Anton Cilloanov »that over-reliance on oil and gas over the past decade was essentially a serious mistake led to currency inflation and the death of other industries slow death, a typical picture of the situation, known as« Dutch disease. » Then he goes on to say: «We must stop frequent concern for the oil industry and make room more room for other industries other. Now we have to take very difficult decisions and then we re-distribution of resources.
»However, the price of the current $ 50 even lower price of $ 60, which put in the past year and described as the« distress scenario ».
Forced the new realism Kremlin to give up a large package of financial obligations and stop all continue to pour money into the pension fund reserve. Form of oil and gas taxes, half of state revenues and about 70 percent of Russia's exports, but «Igor Sikhn» board chairman of Russian oil giant «Rosneft» accuses the government that it has turned its back on the energy industry and complains that high taxes are discreetly breaths his warning that the sector Oil in Russia Zbola will see gradually unless there is a change in policy.
Sikhn says that Russian oil companies took a face from now on what he describes as «negative flow free cash» and it will face a decline in production of up to 6 percent over the next three years with the entry fields Soviet era in West Siberia regression stage. So confirms Sikhn need to maintain the investment.
Facing «Rosneft», which is one of the largest oil companies traded in the world, taxes and fees to export up to my own rate of 82 percent of revenue, and this is too high, says Sikhn which goes on hanging in a clear attack on ministers attending the forum group «VTB Capital» investment banking, the government seems unable to make a decision on how to deal with the crisis
says Sikhn that Russia is facing strong competition from the Saudi kingdom, which took Shopping oil to the Baltic prices fatal blow to the back Polish port of Gdansk cross was taken over this on the domestic market of Russians under the nose.
However, the factor that upset the balance of the game was a shale oil produced by the United States, who shoveled Arabia Rapporteur basic prices in the world. He says Sikhn that the future of the oil industry in the world for the near future depends on whether the shale oil producers decades precautionary last them to continue until the end of this year.
Russia is currently the largest oil producer in the world, extracted 10.7 million barrels a day, but it depends on their expenditures on investments late.
The plans to develop offshore fields in the Arctic and reserves of shale oil huge basin Bazinov will not be valid in the light of the current oil prices, then it is in all cases, depends on the subject of Western sanctions imported technology.
Putin said the economic crisis, announced the bottom and had reached the decision to leave currency drops to 50 percent of its value rather than wasting reserves to maintain the exchange rate began to give
He said: «We see the first signs of stability despite the fact that some sectors of the economy is still in a state of depression. We see today more confidence Besnaatna, things bode well.
»Over the past eighteen months almost got away Russian companies out of the global capital markets after enable them to pay most of its debt in foreign currency in the maturity dates of Vqll this a lot of fragility and Daha.lm longer Weaver capital out of Russia, but there was a net inflow increased by $ 5.3 billion during the first third of the year, and this is the first positive results since 2010.
Putin said: «What these figures reveal is that the markets have responded very quickly to It is happening in our country. »
But the IMF was less optimistic when he returned to cut its forecast for Russia again in the light of expectations the economy shrinking by 3.8 percent this year and by 0.6 percent over the next year. Ambrose Evans-Pritchard / newspaper Daily Telegraph
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