Russian Economy General News: #9

Austin wrote:How much is "all Russia"?

13 times poorer? 13!? What kind of pro-Soviet bullshit is this!? Russian per capita GDP PPP is around 40% of the US level, though in reality probably closer to 60%, because the US dollar is overvalued as a reserve currency, etc. The Apple comparison is very misleading as well.

Kimppis wrote:

Austin wrote:How much is "all Russia"?

13 times poorer? 13!? What kind of pro-Soviet bullshit is this!? Russian per capita GDP PPP is around 40% of the US level, though in reality probably closer to 60%, because the US dollar is overvalued as a reserve currency, etc. The Apple comparison is very misleading as well.

Especially considering the backlash of this recent stunt:

[size=44]Projected Growth: Spend 6.5 Trillion on Demography and Healthcare[/size]


[size=44]https://iz.ru/824592/pavel-panov/proektiruemyi-rost-na-demografiiu-i-zdravookhranenie-potratiat-65-trln[/size]

[size=44]The head Rosnedr estimated the volume of oil reserves in Russia[/size]


[size=44]https://iz.ru/824585/2018-12-17/glava-rosnedr-otcenil-obem-zapasov-nefti-v-rossii[/size]



“We currently have enough oil reserves for 23–25 years at current production levels. But at the same time every year we provide a simple reproduction of stocks. So this bar is constantly moving away, ”he said.



According to him, hard-to-recover oil reserves in the Russian Federation range from 50% to 60% and this category will always change as it is determined by technology. 
As for ordinary gold, then, according to Kiselev, Russia has huge reserves that guarantee reliable production over the coming decades. However, there are problems with manganese, chromite, uranium and titanium-zirconium deposits, since they do not have “great economic feasibility” at the moment.

“If we are pressured, then we will have been extracting uranium for 250 years enough to satisfy defense and civilian needs. But at a price that will, of course, exceed those facilities that are the most technologically advanced, ”he explained.

As the head of Rosnedra notes, some of the problems of this kind can be solved by creating conditions for the work of Russian companies abroad. 

Kimppis wrote:

Austin wrote:How much is "all Russia"?

13 times poorer? 13!? What kind of pro-Soviet bullshit is this!? Russian per capita GDP PPP is around 40% of the US level, though in reality probably closer to 60%, because the US dollar is overvalued as a reserve currency, etc. The Apple comparison is very misleading as well.

With no real numbers provided with nothing to back up claim, it is pure speculation.  13 times poorer thn average US citizen is a gross over reaction with no basis.

But whatever sells.  It just goes to show, you cant trust everything you read.

Problem is, they are placing estimates on things not being extracted anyway. You don't do that.

Austin wrote:How much is "all Russia"?

December 4, 2018


https://topcor.ru/4004-pochem-mozhno-prodat-rossiju.html



Russia's natural resources are divided into explored and unexplored. All prospected today are estimated at 77-78 trillion dollars. About the cost of undiscovered it remains only to guess, but it is assumed that this figure may be about 300 trillion dollars. But to consider this money already lying in the state budget is premature, since their extraction will require huge investments in exploration and production, and will take a long time. 

Oil

With oil production in volumes of 600 million tons annually, it will be enough for the next 130 years. These estimates are made from accounting for proven reserves of Russian oil, which are estimated at 80 billion tons. Their total value, based on the current price of a barrel of $ 63, reaches $ 36 trillion, which in terms of rubles at a 1:66 rate is more than 2.4 quadrillion.

Gas

The total volume of proven natural gas reserves in Russia reaches 40 trillion cubic meters. Based on the price of 230 dollars per thousand cubic meters, the value of reserves will exceed 9 trillion dollars (more than 600 trillion rubles). 

Forest

Russian forests occupy 1 billion 184 million hectares - this is a quarter of the area of ​​all world forests. If all this is cut down and sold, for example, to China, then you can gain 28.5 trillion dollars (almost 2 quadrillion rubles). Due to the weak development of the infrastructure and the unfavorable business climate in some regions of Russia, this kind of natural wealth is being actively mastered by the “black lumberjacks” and everyone involved.

Also, our country is rich in reserves of natural gas, coal, iron ore and non-ferrous metals. The Urals region is particularly notable on the economic map of the country, where there is a high concentration of deposits and industrial enterprises, and there is also a developed infrastructure for exporting products. 

Other minerals and mining objects The

approximate cost of all the other proven natural resources of our country is from 3 to 5 trillion dollars. 

Science

This type of Russian assets is valued entirely with all scientific developments and fixed assets at 37 trillion rubles. Such modest values ​​are explained by equally modest investments from the state in the development of science - 1.12% of GDP. 

Business

The total value of the largest Russian business has also been calculated, which as of last year amounted to 635 billion dollars. The leader was Rosneft with a capitalization of 69.9 billion dollars, on the second - Sberbank with 61.1 billion, Gazprom closed the top three - 59.9 billion. For comparison, one American "Apple" is more than one and a half times more expensive than all the leading Russian companies. 

Our country is truly unique. Under the socialist system, 40% of the world's resources belonged to only 2% of the world's population. One compatriot today formally accounts for about $ 38,709 of the natural wealth of the Russian Federation. But with the advent of capitalism, their owner changed, and now the average Russian is 13 times poorer than the average US citizen.

But according to Forbes, last year our country presented the world with 96 billionaires, participants in the ranking of the richest people in the world. Among them: L. Michelson with a fortune of 18.4 billion dollars, G. Timchenko with 16 billion, M. Friedman - 14.4 billion dollars. A. Usmanov - 15, 2 billion, V. Vekselberg - 12.4 billion dollars, Vagit Alekperov - 14.5 billion and other respected business captains. 

Thus, Russia can be “estimated” at about $ 75-80 trillion, which will be about 5 quadrillion rubles. But these are all dead figures. In fact, the motherland can not have prices.

Does Russia really have 80 Billion TOns of Oil ?

Austin wrote:

Austin wrote:How much is "all Russia"?

December 4, 2018


https://topcor.ru/4004-pochem-mozhno-prodat-rossiju.html



Russia's natural resources are divided into explored and unexplored. All prospected today are estimated at 77-78 trillion dollars. About the cost of undiscovered it remains only to guess, but it is assumed that this figure may be about 300 trillion dollars. But to consider this money already lying in the state budget is premature, since their extraction will require huge investments in exploration and production, and will take a long time. 

Oil

With oil production in volumes of 600 million tons annually, it will be enough for the next 130 years. These estimates are made from accounting for proven reserves of Russian oil, which are estimated at 80 billion tons. Their total value, based on the current price of a barrel of $ 63, reaches $ 36 trillion, which in terms of rubles at a 1:66 rate is more than 2.4 quadrillion.

Gas

The total volume of proven natural gas reserves in Russia reaches 40 trillion cubic meters. Based on the price of 230 dollars per thousand cubic meters, the value of reserves will exceed 9 trillion dollars (more than 600 trillion rubles). 

Forest

Russian forests occupy 1 billion 184 million hectares - this is a quarter of the area of ​​all world forests. If all this is cut down and sold, for example, to China, then you can gain 28.5 trillion dollars (almost 2 quadrillion rubles). Due to the weak development of the infrastructure and the unfavorable business climate in some regions of Russia, this kind of natural wealth is being actively mastered by the “black lumberjacks” and everyone involved.

Also, our country is rich in reserves of natural gas, coal, iron ore and non-ferrous metals. The Urals region is particularly notable on the economic map of the country, where there is a high concentration of deposits and industrial enterprises, and there is also a developed infrastructure for exporting products. 

Other minerals and mining objects The

approximate cost of all the other proven natural resources of our country is from 3 to 5 trillion dollars. 

Science

This type of Russian assets is valued entirely with all scientific developments and fixed assets at 37 trillion rubles. Such modest values ​​are explained by equally modest investments from the state in the development of science - 1.12% of GDP. 

Business

The total value of the largest Russian business has also been calculated, which as of last year amounted to 635 billion dollars. The leader was Rosneft with a capitalization of 69.9 billion dollars, on the second - Sberbank with 61.1 billion, Gazprom closed the top three - 59.9 billion. For comparison, one American "Apple" is more than one and a half times more expensive than all the leading Russian companies. 

Our country is truly unique. Under the socialist system, 40% of the world's resources belonged to only 2% of the world's population. One compatriot today formally accounts for about $ 38,709 of the natural wealth of the Russian Federation. But with the advent of capitalism, their owner changed, and now the average Russian is 13 times poorer than the average US citizen.

But according to Forbes, last year our country presented the world with 96 billionaires, participants in the ranking of the richest people in the world. Among them: L. Michelson with a fortune of 18.4 billion dollars, G. Timchenko with 16 billion, M. Friedman - 14.4 billion dollars. A. Usmanov - 15, 2 billion, V. Vekselberg - 12.4 billion dollars, Vagit Alekperov - 14.5 billion and other respected business captains. 

Thus, Russia can be “estimated” at about $ 75-80 trillion, which will be about 5 quadrillion rubles. But these are all dead figures. In fact, the motherland can not have prices.

Does Russia really have 80 Billion TOns of Oil ?

Current fields yes. Expand to Arctic fields, then even more.

Austin wrote:Why does Russia seek billions in the West, with a budget surplus?


https://topcor.ru/3801-rossija-nachala-evrizaciju-svoej-jekonomiki.html

Interesting! Nice site! Thanks for sharing.

miketheterrible wrote:

Austin wrote:

Austin wrote:How much is "all Russia"?

December 4, 2018


https://topcor.ru/4004-pochem-mozhno-prodat-rossiju.html



Russia's natural resources are divided into explored and unexplored. All prospected today are estimated at 77-78 trillion dollars. About the cost of undiscovered it remains only to guess, but it is assumed that this figure may be about 300 trillion dollars. But to consider this money already lying in the state budget is premature, since their extraction will require huge investments in exploration and production, and will take a long time. 

Oil

With oil production in volumes of 600 million tons annually, it will be enough for the next 130 years. These estimates are made from accounting for proven reserves of Russian oil, which are estimated at 80 billion tons. Their total value, based on the current price of a barrel of $ 63, reaches $ 36 trillion, which in terms of rubles at a 1:66 rate is more than 2.4 quadrillion.

Gas

The total volume of proven natural gas reserves in Russia reaches 40 trillion cubic meters. Based on the price of 230 dollars per thousand cubic meters, the value of reserves will exceed 9 trillion dollars (more than 600 trillion rubles). 

Forest

Russian forests occupy 1 billion 184 million hectares - this is a quarter of the area of ​​all world forests. If all this is cut down and sold, for example, to China, then you can gain 28.5 trillion dollars (almost 2 quadrillion rubles). Due to the weak development of the infrastructure and the unfavorable business climate in some regions of Russia, this kind of natural wealth is being actively mastered by the “black lumberjacks” and everyone involved.

Also, our country is rich in reserves of natural gas, coal, iron ore and non-ferrous metals. The Urals region is particularly notable on the economic map of the country, where there is a high concentration of deposits and industrial enterprises, and there is also a developed infrastructure for exporting products. 

Other minerals and mining objects The

approximate cost of all the other proven natural resources of our country is from 3 to 5 trillion dollars. 

Science

This type of Russian assets is valued entirely with all scientific developments and fixed assets at 37 trillion rubles. Such modest values ​​are explained by equally modest investments from the state in the development of science - 1.12% of GDP. 

Business

The total value of the largest Russian business has also been calculated, which as of last year amounted to 635 billion dollars. The leader was Rosneft with a capitalization of 69.9 billion dollars, on the second - Sberbank with 61.1 billion, Gazprom closed the top three - 59.9 billion. For comparison, one American "Apple" is more than one and a half times more expensive than all the leading Russian companies. 

Our country is truly unique. Under the socialist system, 40% of the world's resources belonged to only 2% of the world's population. One compatriot today formally accounts for about $ 38,709 of the natural wealth of the Russian Federation. But with the advent of capitalism, their owner changed, and now the average Russian is 13 times poorer than the average US citizen.

But according to Forbes, last year our country presented the world with 96 billionaires, participants in the ranking of the richest people in the world. Among them: L. Michelson with a fortune of 18.4 billion dollars, G. Timchenko with 16 billion, M. Friedman - 14.4 billion dollars. A. Usmanov - 15, 2 billion, V. Vekselberg - 12.4 billion dollars, Vagit Alekperov - 14.5 billion and other respected business captains. 

Thus, Russia can be “estimated” at about $ 75-80 trillion, which will be about 5 quadrillion rubles. But these are all dead figures. In fact, the motherland can not have prices.

Does Russia really have 80 Billion TOns of Oil ?

Current fields yes.  Expand to Arctic fields, then even more.

https://www.businessinsider.com/when-will-russia-run-out-of-oil-2017-4?IR=T

Officially Russia has 29 Bilion tons of oil 

The Ministry of Natural Resources and Environmental Protection of Russia states that not accounting for new discoveries, current oil reserves in Russia stand at 29 billion tons and under current consumption rates would be depleted by 2044 (its 2P gas reserves' depletion would come about in more than 160 years). To this end, it would like to implement business-easing measures, e.g.: facilitate the issuance of licenses and to increase the size of the allotted subsoil block to a maximum of 500 km2 (which would mean a fivefold increase compared to existing regulations).




29 billion tons , 1 billion ton is 7.4 billion barrel 


about 214 billion barrel of oil 

https://www.worldatlas.com/articles/the-world-s-largest-oil-reserves-by-country.html

Asian Economy 2019: A Conversation With Ruchir Sharma

[quote="miketheterrible"]

Austin wrote:

Austin wrote:How much is "all Russia"?


Does Russia really have 80 Billion TOns of Oil ?

Current fields yes.  Expand to Arctic fields, then even more.

Read this and fall in shock & awe:

https://en.wikipedia.org/wiki/Bazhenov_Formation

How much of this is technically recoverable is another question but technological progress will likjely happenand global demand won't fall considerably. With a bit of luck even the 80 bln tons are a small faction of the true extant of Russian reserves. I mean do you seriously believe that tiny statelets like UAE, Kuwait and Qatar have more fossil fuel reserves than Russia? The Bashenov Basin alone is bigger than most countries. And I'm not even mentioning the arctic shelf of with Russia has the lion's share by a wide margin.

Russia's natural resources are divided into explored and unexplored. All prospected today are estimated at 77-78 trillion dollars. About the cost of undiscovered it remains only to guess, but it is assumed that this figure may be about 300 trillion dollars. But to consider this money already lying in the state budget is premature, since their extraction will require huge investments in exploration and production, and will take a long time. 

Oil

With oil production in volumes of 600 million tons annually, it will be enough for the next 130 years. These estimates are made from accounting for proven reserves of Russian oil, which are estimated at 80 billion tons. Their total value, based on the current price of a barrel of $ 63, reaches $ 36 trillion, which in terms of rubles at a 1:66 rate is more than 2.4 quadrillion.

Gas

The total volume of proven natural gas reserves in Russia reaches 40 trillion cubic meters. Based on the price of 230 dollars per thousand cubic meters, the value of reserves will exceed 9 trillion dollars (more than 600 trillion rubles). 

Forest

Russian forests occupy 1 billion 184 million hectares - this is a quarter of the area of ​​all world forests. If all this is cut down and sold, for example, to China, then you can gain 28.5 trillion dollars (almost 2 quadrillion rubles). Due to the weak development of the infrastructure and the unfavorable business climate in some regions of Russia, this kind of natural wealth is being actively mastered by the “black lumberjacks” and everyone involved.

Also, our country is rich in reserves of natural gas, coal, iron ore and non-ferrous metals. The Urals region is particularly notable on the economic map of the country, where there is a high concentration of deposits and industrial enterprises, and there is also a developed infrastructure for exporting products. 

Other minerals and mining objects The

approximate cost of all the other proven natural resources of our country is from 3 to 5 trillion dollars. 


Science
This type of Russian assets is valued entirely with all scientific developments and fixed assets at 37 trillion rubles. Such modest values ​​are explained by equally modest investments from the state in the development of science - 1.12% of GDP. 

And this is the most interesting part...  Look how that report clearly say how tiny is Russian civilian business
export in technology . explained by the how equally modest Mr Putin promotes technology base economy. Just 1.12% of Russia GDP  

And later Mr Putin don't understand why Russia is the most disrespected country in the world ,the one
more humiliated ,and why their western "partners" as putin calls them ,laugh at them .

Russia world problems ,of not being accepted all emanates from mr Putin's incredibly short sight vision
of Russia development.. he don't see a connection between Russia lack of influence in the world
lack of allies in the world with its backwards developed economy . Basically Russia exports is a commodities
base economy.. Things that grow from earth ,they sell it back to Asia and west

http://www.worldstopexports.com/russias-top-10-exports/

Rank Russian Export Product 2017 Value (US$) Change
1 Crude oil $93.3 billion +26.6%
2 Processed petroleum oils $58.2 billion +26.8%
3 Coal, solid fuels made from coal $13.5 billion +51.9%
4 Iron/non-alloy steel products (semi-finished) $6 billion +34.9%
5 Wheat $5.8 billion +37.4%
6 Aluminum (unwrought) $5.5 billion +9.5%
7 Petroleum gases $4.72 billion +16.2%
8 Diamonds (unmounted/unset) $4.7 billion -2.7%
9 Sawn wood $4 billion +24.9%
10 Refined copper, unwrought alloys $3.6 billion +51.7%
11 Platinum (unwrought) $3.3 billion +36.7%
12 Hot-rolled Iron/non-alloy steel products $3.1 billion +26.8%
13 Fertilizer mixes $2.7 billion +5.4%
14 Gold (unwrought) $2.4 billion +159.9%
15 Nitrogenous fertilizers $2.3 billion +7.7%
16 Potassic fertilizers $2.1 billion +14.7%
17 Whole fish (frozen) $2.1 billion +4.7%
18 Turbo-jets $2 billion +29.2%
19 Sun/safflower/cotton-seed oil $1.8 billion +23.6%
20 Synthetic rubber $1.7 billion +35%
21 Aircraft, spacecraft $1.7 billion 0%
22 Pig iron $1.6 billion +39%
23 Iron ores, concentrates $1.6 billion +98%
24 Rough wood $1.5 billion +8.6%
25 Nickel (unwrought) $1.4 billion -18.8%

So who else are commodities base economies? AFRICA ,Middle east, Latin America..
what Trump called Shit hole nations.. this is how Putin's develop Russia economy..
as IF Russia was a third world nation. The most undeveloped nations depends on selling bananas and oil its economies..So this is how Mr Putin plans to earn respect from the west... by selling records in wheat , oil and by investing a fortune hundreds of Billions dollars $$ in promoting "healthy sports" building avenues for football and others sports to win as many gold medals as possible.     SO thats going to convince Americans they need Russia , and so that they will benefit from a good relation with them..  

So basically Russia economic development have near the same model of
Third world nations in AFrica that sales minerals ,oil ,and food..  and later
MR Putin don't understand why Russia don't get the respect he wants.  
But supposedly according to the "Genius" President Mr Putin told that sports
"gets nations" together and "promote" friendship...where are Russians friends in the west?
Are americans and British more friendly with Russia now after Sochi and world cup 2018 ?
maybe Russia needs to host 10 more olympics..and that will convince Americans to stop
their cold war..


This is why Putin needs to be sacked from power.. he is totally an ignorant on how to counter
the west..Russia problems in politics are all of them SELF Created by Putin , backwards looking economy.
Russia problems with the west ,cannot be solved by breaking wheat or oil records..and feeling proud
about it.. it can only be solved ,with LEADERSHIP.. Russia don't have Business leadership in the things
that really matters ,the things that others nations can't do or very little nations can..  Americans ask..
who you are Russia....that interrupt our world empire... Putin answer is we are a nation that export potatoes
and cheap gas..and cheap taxi to the ISS.  but we have powerfullllllllllll nukes too...so we can be friends.
Is LEADERSHIP the #1 problem of Russia.. is image in the world , (in comparison with top development economies in the west and in Asia) is of a backwards nation ,that produce NOTHING that people in the west wants..
and so MR putin is wasting , a millions of Opportunities to become a leader in the world.  Even CHINA have more leadership than Russia today.. it defeated Apple in sales ,hurting Apple sales.. THATS how FUCKING leadership works.. thats is what Russia was supposed to do ,but Mr Putin IS NOT DOING.. is not offering any competition to US business. Even China is being more ambitious in space ,. China have a mission already to the dark side of the moon and seeking to create an artificial sun too in space soon.. thats What Leadership looks like. . To be a nation that LEADS in the world.. Russia not even competes..just ignore Americans leadership and hopes people will notice how backward is Russian business.   later Putin complains and complains the western system is not fair ,
But he is the #1 to blame for this.. Remove Putin and replace him for someone who understand how US business
influence the world.. and develop and promote a strong strategy to beat one by one American top most influential business in the world. the most influential US business are US more ambitious space program ,Computers /IT communications devices,Internet and Entertainment industry.. thats how you defeat the American system. defeat their top influential business in the world to society and other nations will have No reason to follow the American Orbit. This is why US is banning now Huawei .. because is defeating Apple..    is embarrassing for them.. and
and is sad to see mr Putin just sitting on his hands doing NOTHING to counter the American world. not using dollars is not going to stop US influence in the world.  Because US Leading innovative business are not going anywhere if not contested first.. it will be ironic if CHina ends being the one that defeat US influence in the world.. they however will need to move to a democracy government ,to change its negative perception in the world of their dictatorship like system. and lack of freedom of expression.

Vann, just so you don't feel too stupid, all I can say is look at that list you posted again.  Most of those require processing.  Which in itself is technological.  Major plants/facilities with heavy industrial equipment and highly skilled workers work to process that stuff.

Electronic exports are small all around the world minus the asian states.  There is a reason for that.

As well, I may want to remind you that a huge portion of Russian scientific institutes are lost.  Putin recently gave a mention during the forum (yout forum) pointing out that Universities and scientific facilities need to concentrate on practical development and not just "catch up alternatives".  Essentially, the money is there.  Lots not handed out cause nothing being done.

Instead, private industries fund the universities and what not in private contracts of R&D.

Better to throw money at the facilities or build new ones to develop already produced technology that was imported earlier. This costs a lot more money and in massive financial demand due to sanctions. So why not let them fix that first before spending ridiculous amounts of possibly failure or shelved projects, ok?

Who cares about export?

The list is misleading. Vann choose to show the list of the export itens That have a bigger change year on year.

This is the real list of the top 10 export products from the same link:

The following export product groups represent the highest dollar value in Russian global shipments during 2017. Also shown is the percentage share each export category represents in terms of overall exports from Russia.

Mineral fuels including oil: US$173.3 billion (48.5% of total exports)
Iron, steel: $18.8 billion (5.3%)
Gems, precious metals: $11 billion (3.1%)
Machinery including computers: $8.5 billion (2.4%)
Wood: $7.9 billion (2.2%)
Cereals: $7.5 billion (2.1%)
Fertilizers: $7.2 billion (2%)
Aluminum: $6.7 billion (1.9%)
Copper: $4.7 billion (1.3%)
Electrical machinery, equipment: $4.3 billion (1.2%)

A backward country is the wheat exporter leader

Hole wrote:Who cares about export?

Some people do. Those who know little of economics or those who invest in these businesses.

What I care about if domestic needs are met. Export should only happen afterwards

Vann7 wrote:...selling records in wheat , oil and by investing a fortune hundreds of Billions dollars $$ in promoting "healthy sports" ...

Is that supposed to be a bad thing?

USSR followed approach you are suggesting.... It collapsed in absolute humiliation because it's population was starving, they didn't need oil because they had nothing to drive and ended up with health level and life expectancy of shittiest province in Somalia.

Actually, compared to them shittiest province in Somalia looked like Switzerland...

Vann still thinks it's Putin's fault when a space rocket fails, when an engine is unreliable, or when a computer is sub-optimal.  

Vann, Russia is still in "rebuild" mode. You start with the basics and work your way up.
90's was a blackhole, utter collapse due to ussr, nothing happened in Russia for a decade. 2000s was cleaning up the rubble, 2010 is the true rebuild phase.

Reposting dino's list:
Mineral fuels including oil: US$173.3 billion (48.5% of total exports)
Iron, steel: $18.8 billion (5.3%)
Gems, precious metals: $11 billion (3.1%)
Machinery including computers: $8.5 billion (2.4%)
Wood: $7.9 billion (2.2%)
Cereals: $7.5 billion (2.1%)
Fertilizers: $7.2 billion (2%)
Aluminum: $6.7 billion (1.9%)
Copper: $4.7 billion (1.3%)
Electrical machinery, equipment: $4.3 billion (1.2%)

As you can see, Russia is slowly getting from commodity-driven economy to self-sufficiency.

Self-sufficiency>Exports

One untapped market is the video game market in Russia. It's rather huge by steam standards and even Nintendo. I suppose if they invested in that, they could come up with some rather interesting companies. So far, it's really only 1C. I played some Russian made games and enjoyed them a lot. So there is plenty of potential.

Where is kvs , He does not post these days ?

[size=35]Russia's not running out of oil anytime soon[/size]
https://www.businessinsider.com/when-will-russia-run-out-of-oil-2017-4?IR=T

Russian Delegation to Damascus Returns With Oil and Gas Deal; Investment Deals For Russian Busines

Skandalwitwe wrote:Read this and fall in shock & awe:

https://en.wikipedia.org/wiki/Bazhenov_Formation

How much of this is technically recoverable is another question but technological progress will likjely happenand global demand won't fall considerably. With a bit of luck even the 80 bln tons are a small faction of the true extant of Russian reserves. I mean do you seriously believe that tiny statelets like UAE, Kuwait and Qatar have more fossil fuel reserves than Russia? The Bashenov Basin alone is bigger than most countries. And I'm not even mentioning the arctic shelf of with Russia has the lion's share by a wide margin.

Yup, Bazhenov is the Mother Lode, a stupendous resource for the future that can be developed once conventional oil & gas starts to run out.  No rush yet as they have plenty of current production, so they can take their time to explore, map, put down exploration holes and generally chart out the future development strategies well in advance. Let the Seppos develop production techniques and then "acquire" it from then and save a shiny penny...  

The US is developing its shale reserves now because it has no choice.  Onshore conventional oil & gas has peaked long ago, while their offshore Gulf of Mexico production has also hit the wall as deep-water wells are proving expensive and problematic.  Let the seppo-monkeys cavort like idiots and bare their arses as they stupidly brag about their so-called Fracking Miracle.  The shale companies are leveraged up the wazoo with massive loans, and it is all they can do to service their loans and drill new wells to replace depleted production.  They make no money, as their share prices flatlining tells all too clearly.  To make it worse, the US tries to drive down the price of oil by overproduction, stressing the shale companies even more, and consumers have started again in buying US-style idiot gas-guzzlers and tearing the guts out of US auto industries late and belated efforts to jump on the efficiency bandwagon.

Russia should learn from the failures of the Seppostani Continuum and sit on Bazhenov until they need it.  By then of course, the Muricans will be back to burning wood, or collecting cowshit in the dark and the cold before drying it in their huts....  

Vann7 wrote:So who else are commodities base economies? AFRICA ,Middle east, Latin America..

Banana republics like Norway and Australia... It's called comparative advantage.

Exports are maybe 10-15% of Russia's PPP GDP.