Crucial Role to Play: ‘Russia Will Retain Leading Position in The World’

Talking about long-term prospects Joe Watt said that Moscow will continue to play a crucial role in international politics.

In an interview with RT Joe Watt said that Russia is a country with vast natural resources, with not only hydrocarbons but also water. These are the resources that will develop in the next century, so Russia will never lose its global strategic importance.

“There are some changes in the economy, such as those that you are now experiencing, but after 10 years, the prospects and the direction will be different. But I am sure that in the long term, Russia will always be one of the most important countries in the world,” Watt told RT.

He also commented on the upcoming meeting of OPEC, which will examine the reduction of oil prices.

“I do not expect any change. I think, in many countries, governments have assumed certain obligations to the population. To do this, they need the money. The price of oil is low, production has to be high. We have recently seen the highest level of production in Russia since the days of the USSR. It is the task of obtaining income needed to service the commitments made to the public. I do not expect that OPEC will declare reduction of production to raise prices as they will receive less revenue, and they have their own problems and obligations,” Watt explained.

Earlier, Economic Development Minister Alexei Ulyukayev said that in his view oil prices will stabilize in the second quarter of 2016.

Talking about this comment, Watt told RT, “I think that there is a high probability of such a scenario, when for some time prices will continue to remain low, maybe even still lower than it is today, and with the second quarter it will begin to stabilize, and then return to higher levels,” Ulyukayev said.

The head of a major oil company Continental Resources, Harold Hamm, in turn, expects that the oil prices will rise by the end of the year to $ 60. The oil tycoon made this forecast after oil companies decided to cut production in North Dakota, Texas and elsewhere.

The price of oil this week fell to $30 per barrel.