The days of peak oil consumption for the global economy may be over and the trend could affect Russia’s budget revenue, the country’s deputy finance minister, Vladimir Kolychev, warned. “The peak of consumption must have already passed,” Kolichev told Bloomberg in a recent interview. The official said there is a long-term risk that hydrocarbon revenue may go below previous forecasts. According to Kolichev, the Finance Ministry is currently looking at different levels of demand at different levels. In an earlier report, Russia’s principal financial regulator, the Central Bank of Russia, outlined four basic scenarios for Russia’s economic development. Although the forecast covered the state of the national economy over the next three years, it said that in the worst case scenario (if Kovid-19 wreaks havoc worldwide), the price for Russia’s Ursa oil brand could be $ 25 in 2021. Per barrel, about 50 percent less than its current price, […]