By ALEX HOSSACK and PAUL VAN DE STURGEON-DETERENDENENENNSource: Reuters article Bulgaria is in the midst of a massive oil shortage and the country is struggling to keep the lights on.
That is despite the fact that Russia has an estimated $14 billion in oil reserves, according to the government’s Energy Ministry.
Oil is still flowing, but it is slowly declining as the country struggles to balance its budget, according the ministry.
In February, oil prices collapsed by more than $3 a barrel to $27 a barrel.
Now the country has seen oil production fall by more in the first quarter of 2018 than in the entire previous year.
Russia’s economy is facing a steep downturn as the economy shrank by almost 1.7 percent in the third quarter of this year.
The collapse in oil prices is partly due to the country being the largest oil exporter in the world and also due to sanctions imposed by the West over the Ukraine crisis.
The country is also facing a huge debt crisis.
Last month, the Russian economy recorded a record deficit of 4.9 percent of GDP.
The government is now facing an unprecedented debt burden of 3.2 trillion rubles ($30 billion).
Russian President Vladimir Putin is trying to avoid a repeat of the 1990s crisis, when Russia had to cut imports of oil to stem the oil price drop and the economic collapse that followed.
The oil price slump has forced the government to cut government subsidies and slash the state budget.
According to the latest budget, the budget deficit is set to be 4.6 trillion rublis ($32 billion).
The government also plans to cut pensions for the military, the police and the general staff by up to 30 percent and slash social spending by up 25 percent.
The government is also aiming to raise the retirement age from 62 to 65.
The budget also aims to reduce the amount of taxes paid by the public.
The economic crisis is making the country even more vulnerable to a possible collapse in the price of oil, and it is not clear whether the crisis will be resolved in the coming months or not.
In a country where oil production has soared over the past decade, the government has yet to find a way to solve the shortage.