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The Saudi Crown Prince believes that Russia will "disappear" from the oil market within 20 years, leaving China only five years to remain among the world's producers.
This bold statement was made by Saudi Crown Prince Mohammed bin Salman during a lengthy interview with Bloomberg, released Friday. China and Russia will end up "disappear" from the market, while Riyadh would be doing well despite the potential decline in demand for oil, said the prince.
"We believe that China will drop sharply or even disappear in five years from today. And other countries will continue to disappear every day as oil-producing countries. In nineteen years from today, Russia will have fallen sharply, if not disappeared, with 10 million barrels, he stated.
"Thus, by comparing rising oil demand and the endangered supplier, Saudi Arabia must provide more in the future. We therefore do not believe that there is a risk in this area for Saudi Arabia. "
the "prediction" In Moscow, eyebrows have frowned. The officials humbly reminded the king that his oil was also limited.
Deputy Head of the State Duma Committee on Economic Affairs in the Duma, Sergei Kalashnikov, warned that Saudi Arabia also did not have unlimited reserves, adding that its oil deposits were "contraction."
"I do not know what this assessment is based on. Russia has many probable [oil] reserves " Kalashnikov said. The prediction, announced by the Saudi king, would have little chance of affecting the oil markets, according to a Russian official.
Given the current only active extraction rates – ready to be exploited – the oil fields will remain in Russia for 33 years, RIA Novosti told Rector of the University of State Geological Exploration. Russian, Vadim Kosyanov, to RIA Novosti.
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