In exchange, Sapir says, bureaucrats like Nikolai Lemaev, a former Soviet minister of petrochemicals, granted Sapir rights to distribute 50, 000 tons of fertilizer and 41 million barrels of oil, equal to less than 1% of Russian annual oil production today.

FORBES: The Boomerang Effect

Based on an expected 0.9% annual increase in production over the next decade, the model predicts that real oil prices will nearly double over the same period.

ECONOMIST: The economic impact of high oil prices

Demand for oil continues to rise in a growing economy with annual imports rising by 10% but domestic production up by only 2% over the last seven years.

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