Source Pravda.Ru

Presidential Economic Advisor on consequences of Iraqi war

In the event the Iraqi conflict lasts for 3-6 months, it will not influence the domestic oil market, Russian Presidential Economic Advisor Andrey Illarionov has told RBC. However, if the conflict lasts longer and Iraqi oil production facilities are destroyed, this might lead to some unfavorable consequences over the next 3-5 years, he said. In this event, oil prices would grow, Russia's economic growth would slow down, salaries and expenses would advance and the competitiveness of the economy would decrease as a result.

In the long-term perspective, more than 5 years, oil production will grow, if the situation in Iraq stabilizes, and oil prices will considerably decrease, he forecasted.

According to Illarionov, currently OPEC does not have enough production facilities for additional oil supplies to the world market.

In an exclusive interview with Pravda.Ru, US filmmaker talks to Edu Montesanti on the presidential elections in the Caribbean country, and its importance to Latin America. "The left will come back in Latin America, more likely sooner than later," says Oliver Stone

Exclusive Interview: Oliver Stone on Venezuelan Election

In an exclusive interview with Pravda.Ru, US filmmaker talks to Edu Montesanti on the presidential elections in the Caribbean country, and its importance to Latin America. "The left will come back in Latin America, more likely sooner than later," says Oliver Stone

Exclusive Interview: Oliver Stone on Venezuelan Election