... implementing joint projects. Transferring international tensions into the Arctic against the background of sanctions may prompt Russia to consider involving non-regional actors, primarily Asian states, in the Arctic cooperation. Under such circumstances,... ... serious changes, and the volume of contracts for Western-made shelf development equipment may decline significantly.
Arctic Oil and Gas Resource Development: Current Situation and Prospects
, 1,26 Мб
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RIAC Longread "Arctic Oil ...
... cooperation with Persian Gulf states in solving statehood crises in the Middle East. Dr. Majed Al Turki, Director of the Saudi Centre for Media and Arab-Russian Studies (Saudi Arabia) commented on the pact between Russia and Saudi Arabia to stabilise the oil market.
Russia and Saudi Arabia had long been unable to reach consensus on crude oil price stabilisation for quite a long time. What was the reason for the quite unexpected signing of the memorandum on the sidelines of the G20 summit?
First off, economic reasons ...
...
According to the Russian governmental report, Western sanctions have not influenced the exploitation or export of natural resources
[14]
. Up until today Russia mostly exploits open-access oil resources. In 10-20 years, they will be replaced by isolated oil and Russia may face decline in oil production and export. To overcome these possible difficulties, the government needs to stimulate import substitution in oil and gas engineering, energy engineering, petroleum chemistry and crude oil refining. As a result,...
... when even small corrections in supply will lead to a price recovery, which in turn increases profits for both oil companies and the Russian Federation».
It requires mentioning that the Russian government can undoubtedly exercise leverage over Russian oil companies and the volumes they export: its means of leverage include oil export tolls, other taxes, including excise taxes on gasoline on the domestic market, as well as quantitative export quotas for private companies. The latter also depend on the ...
... World Need More Oil?
It is likely that the exporting countries may agree to freeze production levels the forthcoming meeting, even without Iran joining the agreement. The issue hinged on the support of the two leading world producers (
in 2015
) – Russia and Saudi Arabia. The agreement does not make much difference to them: in January 2016, both countries reached record levels of oil production. We will most likely see great price volatility on the oil market in the near future: the market will be “torn to pieces.” News leaked to the press about a possible production cut by oil exporting countries will heat the market,...
... supply of equipment and technology, as well as bans on companies providing services for projects to develop offshore oil resources in the Arctic – Rosneft and Gazprom (including Gazprom Neft). In addition, restrictions were placed on the ability of Russian oil companies and banks to attract financing from abroad.
Natural Resources of the Arctic (In Russian)
These sanctions have already led to a number of foreign oil companies, including Exxon Moblie, suspending their participation in Russian Arctic shelf ...
... Iran, disappointment in the pace of growth in the Chinese economy, the situation in the Middle East, and OPEC member countries’ policy. Meanwhile, the oil price is a key factor determining the economic development of many countries, including Russia, where oil production and sale accounts for over
40 percent of revenues
to the federal budget, among other major exporters that are heavily reliant on oil.
The most likely scenario is this: over the short-term oil prices will continue to fall, albeit with possible ...
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One of the sad things about looking at current commentary about Russia, America, and the state of their relationship is the lack of measured and reasoned commentary. Make no mistake, though, the problems between Russia and America are serious and affect a whole host of major issues around the world from wars in Syria ...
... to 3%.
That would explain why the reduced oil price is not sufficient to shake the economy at global level and induce growth again, barring some exceptions, most notably the U.S.A.
“The revisions reflect a reassessment of prospects in China, Russia, the euro area, and Japan as well as weaker activity in some major oil exporters because of the sharp drop in oil prices. The United States is the only major economy for which growth projections have been raised.” (Source WEO)
Somewhat remarkable in the U.S. case, the growth is following the crisis of shale industry,...
Regular attacks by the Islamic State movement on civilians and other business interests have so far failed to scare off Russian oil companies from Iraq. Despite numerous risks, these businesses appear prepared to continue pumping Iraqi hydrocarbon reserves, only proving that their degree of safety is sufficiently solid, even amidst this time of Iraqi troubles.
Keeping Abreast
...
