SAUDI ARABIA - Russia Between Bright GDP Future & The Oil Curse.

Russian oil output resumed steady growth and rose for a fourth straight month, adding 40,000 b/d in September to reach 9.53m b/d, a new post-Soviet high. Soaring oil prices could turn Russia into a phenomenally rich country, where GDP actually does double in line with President Vladimir Putin's wishes, Aton investment house says in a new report seeking to turn conventional doom-and-gloom forecasts on their head. The report, which looks at Russia's fortunes in a "best-case scenario", is based on economic models for Russia's benchmark Urals price at $50/b and $100/b from now to 2015.

The rosy predictions reopen a long-running debate over whether high oil prices are a blessing or a curse for Russia's oil-drenched economy. Some economists have criticised Aton for basing its report on too many assumptions and making bold predictions in a time of political uncertainty. Aton says: …