Alexander Amiragyan, Director of the Center for Economic Development’s Center for Fuel and Energy Sector Economics, said that diversification of the economy makes it possible to reduce dependence on oil purchases in the context of energy transition. His words provide guidance DEA News.
“The main tool to reduce the dependence of oil countries and diversify their economies is to set aside revenues from oil and gas in special funds for difficult times, targeting them for infrastructure development and creating conditions for investment in new industries,” Amiragyan said.
The positive scenario assumes that oil demand will remain high for the next 10-20 years and then gradually decline. This will hit middle- and low-income oil-producing countries, which lack the resources needed for the energy transition, the hardest.
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