Loading...
Loading...

Recession in Russia highlights need to diversify if strong industrial gas growth is to continue in region

0

Amidst a backdrop of sustained downward spiral in the price of oil over the last 12 months, preliminary figures emerging from Russia reveal the country’s economy contracted more than 3.5% last year.

The economy shrank 3.7% in 2015, its worst performance since 2009.

Much of this is attributed to three key factors; the ongoing plunge in the price of oil, a similar weakness in the strength of the Rouble, and the effect of recent Western sanctions.

The drop in oil prices – itself arguably one of the stories of 2015 – has perhaps had the largest influence in the economy’s decline. Fittingly, news of Russia’s economic slump came on the same day that oil prices again fell to around $30 per barrel, having briefly rallied at the tail-end of last week.

... to continue reading you must be subscribed

Subscribe Today

Paywall Asset Header Graphic

To access hundreds of features, subscribe today! At a time when the world is forced to go digital more than ever before just to stay connected, discover the in-depth content our subscribers receive every month by subscribing to gasworld.

Please wait...