Oil Producing Countries at the End of the High Oil Price Cycle

st-petersburgDr Carole Nakhle, CEO of Crystol Energy, will speak at the second annual Russian Economic Challenge 2017 Conference organised by the Carnegie Moscow Center, in partnership with the Moscow School Management SKOLKOVO on 23 March. Dr Nakhle will discuss how Gulf countries react to the recent oil price environment and what prospects do exist for economic diversification.

The event will assess the global macroeconomic situation and discuss the positioning of Russia regarding changes in the global and regional economic context, the opportunities and risks that result from these changes, and the search for potentially successful development strategies at the macro and micro levels.

Opening Remarks

  • The nature of the ‘resource cycle’ and the methods for counteracting its negative consequences
  • Various approaches to analyzing economic development on the basis of a ‘resource pillow’
  • The necessity and feasibility of diversification under present conditions
  • Presentation of the research topic’s first-year results at the Carnegie Moscow Center


  • Maxim Oreshkin, Minister for Economic Development of Russian Federation
  • Andrey Sharonov, President of the Moscow School Management Skolkovo
  • Marat Otnashev, Dean of the Moscow School Management Skolkovo
  • Andrey Movchan, Director of the Economic Policy Program, Carnegie Moscow Center

Session 1 | Oil Producing Countries at the End of the High Oil Price Cycle

  • Prospects and trends in the global hydrocarbons market
  • Historical approaches used by oil-producing countries for economic diversification and natural resource sector rebalancing
  • The current state of affairs between leaders and outsiders
  • Lessons and ideas for Russia and other countries


  • Vladimir Drebentsov, Chief Economist for Russia and CIS, BP; Vice President, BP Russia
  • Rahim Oshakbaev, Director of TALAP Research Center, former Minister for Investment of the Republic of Kazakhstan
  • Carlos Lever Guzmán, Economist at the Mexican Central Bank (Banco de México), Deputy Executive Coordinator of the Mexican Petroleum Fund for Stabilization and Development (FMP)
  • Morten E Lindbæck, Economist and Independent Oil & Gas Analyst, former Assistant Director General in the Ministry of Finance of Norway, former Deputy Director General and Head of the Economic Analysis Section in the Ministry of Petroleum and Energy of Norway
  • Dmitriy Rodin, Founder and CEO, Advantage Kazakhstan
  • Carole Nakhle, CEO, Crystol Energy

Session 2 | Development of Countries With Non-Hydrocarbon Natural Resources

  • Differences between countries with giant metals reserves and countries with giant oil reserves
  • Prospects and trends in precious metals markets
  • Economic development in countries at the forefront of the global metallurgy market
  • Lessons to learn from the development of metal-producing countries


  • Vladislav Portnov, Founder and Director, Mongolian Mining United Investment Company
  • Budi Hikmat, Chief Economist & Director of Investor Relations, PT BahanaTCW Investment Management
  • Badamsuren Khookhoryn, General Director of Erdenet Mining Corporation, Mongolia

Session 3 | Life Without Natural Resources: The Experiences of Resource-Poor Countries During their Economic Development

  • Successful examples of economic development in countries without ‘resource funds’
  • Commonalities between the economic development of resource-poor countries and the economic diversification of resource-dependent countries
  • Shared features between resource-dependent countries in times of economic crisis and countries that have successfully developed without the presence of natural resources


  • Eytan Sheshinski, Emeritus Lecturer in Economics, Hebrew University of Jerusalem
  • Alexander Gabuev, Director of the Russia in Asia Pacific Program, Carnegie Moscow Center
  • Ekim Arbatli, Assistant Professor of Economics, National Research University Higher School of Economics

Session 4 | Russia: Is There Light Without Oil?

  • Russia’s achievement of a nominal GDP in excess of $9,000 per capita in 2017 despite low oil prices and its implications for the necessity of diversification
  • Impediments to growth and underutilized strengths in the Russian economy
  • Applicability of the models presented at the conference to Russia


  • Nonna Kagramanyan, VP, Business Russia
  • Andrey Movchan, Director of the Economic Policy Program, Carnegie Moscow Center
  • Nikolai Kascheev, Director of Analytic Department, Promsvyazbank
  • Grigoriy Yudin, Senior Research Fellow, National Research University Higher School of Economics
  • Ekaterina Malofeeva, Director of Analytical Center ‘Forum’

For further information, click here.