Energy & Science
Russia Starts Preparing for Life After Peak Fossil Fuels
- Finance Ministry has begun weighing scenarios for low demand
- A third of Russia’s budget revenues come from energy sales
An oilfield near Dyurtyuli, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
The Finance Ministry of the world’s biggest energy exporter has started preparing for the possibility of lower budget revenues in case global oil demand declines sooner than expected.
“The peak of consumption may have already passed,” Deputy Finance Minister Vladimir Kolychev said in an interview in Moscow. “The risk is rising in the longer term” that hydrocarbon revenues could come in below the current outlook, he said.