Who and What Is Causing the Decline in Oil Prices, and Where Will It Lead?
RIA Novosti ■ With oil hovering around the $80-85 per barrel mark, down nearly 30 percent from a high of over $115 in mid-June, media and expert analysis about the causes and consequences of the price decline has been extensive. We present another, Russia-informed perspective. [...] There are high hopes among Russian experts and by many in Russian society that unstable energy prices, combined with Western sanctions, may drive a revival of the country as a major industrial, agricultural and technological power. Some industries have already seen growth in recent months as a result of the government’s push for import substitution, while the president noted the need for a “true industrial breakthrough” in the coming years, which would reduce the country’s natural resource dependency.