The demand for oil will inevitably decrease, which will force Russia to abandon its life at the expense of natural resources in favor of developing its own high-tech value-added industries. Economist Korenev told about this. He added that talks about the necessity to restructure the economy have been going on for a long time, but till now, the situation remains at the same level.

The Russian Ministry of Finance admitted the possibility of a “catastrophic” decline in global oil demand in the long term, if Western countries sign an agreement on decarbonization – this is stated in the report on “Main directions of budgetary, tax and customs-tariff policy for 2022 and for the planning period of 2023 and 2024 years”. According to the ministry, if Western countries agree on the transition to a low-carbon economy, the cost of oil will determine the operating costs of its production, because of which the demand for this type of fuel by 2050 could be 17-24 percent of the level of 2019, and prices could fall four to six times, to $25 per barrel.