Nord Stream 2: Is Russian gas politically incorrect?

Gas Flame file photo

A lobbying campaign against the extension of the Nord Stream 2 gas pipeline, spearheaded by Gazprom together with five European energy majors, has now engulfed the European Parliament. What are the arguments of the opponents and are they business-focused or politically motivated? (Russia Beyond the Headlines – rbth.ru – VLADIMIR MIKHEEV, SPECIAL TO RBTH – March 4, 2016) Twelve members […]

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Will Russia End Up Controlling 73% of Global Oil Supply?

Oil Well file photo

(Oilprice.com – Rakesh Upadhyay – March 6, 2016) Russia has played a master stroke in the current oil crisis by taking the lead in forming a new cartel, but it’s a move that could spell geopolitical disaster. The meeting between Russia, Qatar, Saudi Arabia and Venezuela on 16 February 2016 was the first step. During the next meeting in mid-March, […]

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Russian oil companies approve production freeze

Oil Well file photo

The country’s top oil bosses have agreed to keep production at January levels in a deal with the government, which is hoping the move will see oil prices increase. However, analysts say that the move may not necessarily lead to a recovery. (Russia Beyond the Headlines – rbth.ru – ALEXEI LOSSAN, RBTH – March 3, 2016) The heads of Russia’s […]

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NEWSWATCH: “Russia Thinks It Has Solved the Oil-Price Crisis; But it may just be more wishful thinking” – Fortune.com

Oil Well file photo

The world’s major oil exporting economies have been putting together an agreement to freeze oil production levels, and Russia’s energy minister is optimistic that it will be effective in finally stopping the slide in oil prices ….  * * * The news seemed to buoy the oil market…. But there’s plenty of reason to doubt that the action will bring […]

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TRANSCRIPT: [Putin at] Meeting with Gazprom CEO Alexei Miller

Gas Facility file photo

(Kremlin.ru – February 29, 2016) The head of Gazprom briefed Vladimir Putin on the company’s results in 2015, and discussed, in particular, gas supply figures for the domestic and European markets and the programme for connecting Russia’s regions to the gas network. President of Russia Vladimir Putin: Mr Miller, I have several questions to start our discussion, and then we […]

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Interfax: Novak considers $50 per barrel most appropriate from supply-demand standpoint

Offshore Oil Rig file photo

MINSK. Feb 25 (Interfax) – Oil prices are unlikely to rise above $60 per barrel and a price of $50 is optimal, Energy Minister Alexander Novak said. “Speaking fundamentally, the price cannot be high, above $50-$60 per barrel, because in this situation robust investment activity would resume, those projects where investment and production volumes are now falling would be implemented, […]

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Can Things Get Any Worse for Russia? You’re About to Find Out

Diverse Paper Currency, Coins, Line Graph

Investors who’ve made a fortune in the country say that with oil’s plunge, the ruble’s collapse, and Putin in power, all bets are off (Bloomberg – bloomberg.com – Ksenia Galouchko and Henry Meyer – February 23, 2016) [Charts here bloomberg.com/news/articles/2016-02-24/putin-s-oil-despair-drives-lucky-few-investors-toward-the-exits] For a decade, Dmitri Barinov has been following the volatile economy of his homeland from the safe distance of Union […]

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Russia and OPEC trio agree to freeze oil production, but no cuts

Oil Well file photo

Russia, Saudi Arabia, Qatar and Venezuela have announced their readiness to freeze oil production volumes at January levels but fell short of agreeing to cut production by 5 percent as was earlier anticipated. Market analysts believe this agreement is a loss for Russian diplomacy – as a result of the deal, oil prices and the related value of the ruble […]

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RBTH: Even if Russia and OPEC tango, oil prices won’t budge an inch

Oil Well file photo

As Russian officials consider trying to forge an agreement with OPEC in order to help push up oil prices, they are missing an unfortunate truth – factors such as the discord within the oil producers’ body, the positions of Saudi Arabia and Iran and the strength of the dollar all mean that the price of oil is unlikely to bounce […]

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Agreement between Russia, three OPEC countries concerns average oil output for year – Energy Ministry

Oil Well file photo

MOSCOW. Feb 16 (Interfax) – The agreement that Russia and OPEC nations Saudi Arabia, Qatar and Venezuela reached at meeting in Doha on Tuesday not to exceed January’s level of output applies to average figures for the year, not daily output, the Russian Energy Ministry said in a revised statement following the meeting. The meeting was between Russian Energy Minister […]

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TRANSCRIPT: Dmitry Medvedev’s interview for Handelsblatt, Germany

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(Government.ru – February 11, 2016) Ahead of the Munich Security Conference, the Prime Minister answered questions from Editor-in-Chief Sven Afhüppe and international correspondent Mathias Bruggmann. Question: Mr Prime Minister, thank you for finding the time to meet with us. You will come to Munich to attend the Conference on Security. Handelsblatt will cover the proceedings and primarily your participation in […]

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NEWSWATCH: “Weak Oil Prices Fuel Ukrainian Hopes of a More Conciliatory Russia” – Wall Street Journal

Oil Well file photo

The Wall Street Journal covers Russian economic vulnerability amidst falling oil prices and its possible impact on efforts to resolve the Russo-Ukrainian conflict . Ukraine’s political elite is hoping that plummeting oil prices will restrain neighboring Russia’s interventionist ambitions—and give Western sanctions on Russia a bit more bite. … diplomatic overtures have raised hopes in Kiev that Moscow—which annexed Crimea […]

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What Do Russians Really Think? The Truth Behind the Polls

Map of Russia and Russian Flag adapted from images at state.gov

(Moscow Times – themoscowtimes.com – Eva Hartog – February 4, 2016) [Charts here http://www.themoscowtimes.com/news/article/what-do-russians-really-think-the-truth-behind-the-polls/558537.html] The champagne corks were already popping for New Year’s Eve celebrations when several thousand Crimeans received an unexpected phone call. The voice on the end of the phone was a pollster from the Russian Public Opinion Research Center (VTsIOM). The pollster had just two questions:”Do you […]

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Can Russia Be More Miserable? Judging by Oil, the Answer Is Yes

Diverse Paper Currency, Coins, Line Graph

Combining inflation and unemployment, Russia is among the world’s unhappiest economies (Bloomberg – bloomberg.com – Elena Popina – February 4, 2016) [Charts here bloomberg.com/news/articles/2016-02-04/can-russia-be-more-miserable-judging-by-oil-the-answer-is-yes] The sinking price of crude has Russia hostage over a barrel of oil. For an inkling of how unhappy everyday Russians have gotten as Brent crude heads further south, take a look at the Misery Index […]

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Putin Opens Asset Sales to Foreigners as Budget Gap Widens

Empty Boardroom

(Bloomberg – bloomberg.com – Ilya Arkhipov and Andrey Biryukov – February 2, 2016) President Vladimir Putin will allow foreign investors to bid for stakes in some of Russia’s largest companies as the government prepares its most ambitious asset-sale program in years to close a widening budget gap. “Russia was and remains open for foreign investment and Russia is interested in […]

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Oil prices could reach $40 a barrel if Russia made deal with OPEC

Oil Well file photo

Analysts say that if Russia reduces its oil production by 5 percent, black gold prices may increase to $40 a barrel and over. However, the Russian government admits that it has no real control over production policy in private companies, though firms may reduce production themselves due to the fall in hydrocarbon prices. (Russia Beyond the Headlines – rbth.ru – […]

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Who benefits and who loses from revocation of anti-Iranian sanctions

Iran Map and Flag

If Moscow plays its cards correctly, it will be able to strengthen its positions not only in Iran but also throughout the entire Middle East. (Russia Beyond the Headlines – rbth.ru – GEVORG MIRZAYAN – January 29, 2016) The lifting of sanctions against Iran has generated an entire wave of speculation about the upcoming reformation of the Middle East. However, […]

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Russia’s Great Shift Downward; Putin has shown little interest in changing the economic model.

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Carol Matlack – January 28, 2016) For Russia’s battered economy, 2016 already looks miserable. The ruble has slumped to record lows as oil prices have fallen 11 percent since Jan. 1, to around $30 a barrel. The government, which gets nearly half its revenue from oil and gas, is scrambling to plug a 1.5 trillion-ruble ($19.2 […]

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RBTH: Investors could benefit from Russia’s economic turmoil

File Photo of Outdoor Electronic Sign with Russian Exchange Data

As the Russian economy hits hard times, with business incomes falling, government spending facing cuts and the ruble losing value, RBTH spoke to Sergei Katyrin, president of Russia’s Chamber of Commerce and Industry, to find out how foreign companies are enduring the current “perfect storm” for business. (Russia Beyond the Headlines – rbth.ru – ILYA KROL, RBTH – January 28, […]

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Nine lingering myths about Russia

Map of Russia and Russian Flag adapted from images at state.gov

We are often held prisoner by imposed stereotypes and opinions about countries, people and events. RBTH has collected nine myths about Russia that are far from accurate. (Russia Beyond the Headlines – rbth.ru – NATALYA PUKHOVA, SPECIAL TO RBTH – January 26, 2016) 1. The death rate in Russia is higher than its birth rate There is a widespread belief […]

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NEWSLINK Carnegie Moscow/Mikhail Krutikhin: “The Russian Oil Industry in the Era of Cheap Crude. A recent slight increase in Russia’s oil output is likely to be short-lived. Oil production may decline almost twofold by the end of the year due to a lack of financing for new field exploration and development.”

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At Davos forum Russia promises to eliminate its dependence on oil

Oil Well file photo

Russian representatives announced imminent large-scale economic reforms at the World Economic Forum. The proposed changes would affect the country’s dependence on oil and the facilitation of investors accessing the market. (Russia Beyond the Headlines – rbth.ru – ALEXEI LOSSAN, RBTH – January 25, 2016) Low oil prices are helping the Russian government carry out large-scale reforms despite the drastic reduction […]

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NEWSLINK: “Russian Oil: Output Grows as Prospects Shrink. Plummeting prices and U.S.-led sanctions raise questions about Russian oil’s capacity to continue underwriting Putin’s global ambitions.” – Wall Street Journal

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Facing Oil Price Plunge, Russia Considers Fire Sale of State Companies

Diverse Paper Currency, Coins, Line Graph

(Moscow Times – themoscowtimes.com – Peter Hobson – January 22, 2016) Russian officials are touting a new wave of privatization to fill the hole in the government’s finances caused by the slumping oil price. With the cost of crude falling toward $30 per barrel early in the year, Finance Minister Anton Siluanov announced that 1 trillion rubles ($12.5 billion) could […]

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Russia identifies economic backwardness as national security threat

Cash, Calculator, Pen

(Interfax – January 19, 2016) Russia’s new national security strategy identifies the key threats to the country. The main threats to national security in the economic sphere are the low competitiveness of the Russian economy and its continuing dependence on raw material exports, Sergey Vakhrukov, aide to the secretary of the Russian Security Council, told journalists on 19 January, as […]

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USSR collapsed because of oil prices heralding Russia’s future?

Oil Well file photo

(Pravda.ru – January 19, 2016) Pravda.Ru editor-in-chief Inna Novikova sat down with historian Alexander Fursov to speak about Russia’s foreign and domestic policy. “In connection with the collapse of the world prices on oil, many analysts say that the times that we are living now are very similar to the times of the 90s when the Soviet Union broke up.” […]

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Russian Ministry Predicts More Recession, Lower Incomes and Less Employment

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(Moscow Times – themoscowtimes.com – January 15, 2016) New falls in the oil price mean that Russia’s economy will likely shrink again in 2016, as incomes continue to fall and unemployment rises, according to a draft outlook prepared by the Economic Development Ministry. Officials had hoped for an end to recession this year, but a near 20 percent decrease in […]

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Russian Finance Minister: Oil prices could continue to slide

Oil Wells File Photo

(Interfax – January 13, 2016) Oil prices are likely to go on sliding in the near future, Russian Finance Minister Anton Siluanov said. “Today there’s a very tight balance on the oil market, we’re seeing that nobody is cutting oil production. We’re likely in the short term to see further decline in prices for this commodity,” he said. “Indicators for […]

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Russian Oil Prices Drop 50% in 2015

Offshore Oil Rig file photo

(Moscow Times – themoscowtimes.com – January 11, 2016) The average price of Russian oil dropped almost 50 percent last year, the Interfax news agency reported Monday, citing Finance Ministry analyst Alexander Sakovich. In 2014, the average price of Russia’s key export, Urals crude oil, stood at $97.6 per barrel, while last year it price fell by 47.5 percent to $51.23, […]

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Russia Seeks To Drive Wedge Into Central Asia

Map of CIS Central Asia and Environs

(RFE/RL – rferl.org – Bruce Pannier – January 5, 2016) Russia appears to be practicing a bit of “divide-and-conquer” politics in Central Asia, and state-owned Gazprom is spearheading the campaign. On January 4, Russia’s main news agencies quoted a “source” within Gazprom Export, the Gazprom wing charged with handling gas imports from other countries, saying Russia would not be importing any […]

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Russian Economy Killers: Oil and Sanctions

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(Voice of America – Bernard Shusman – January 6, 2016) Russian President Vladimir Putin gets a bad report card, even a failing grade, for his handling of the economic crisis in his country, according to 27 percent of analysts who participated in a major survey conducted by Bloomberg Business. These are hard times in Russia, with the collapse in oil […]

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Eight Shades of Crisis – Russia’s Year of Economic Nightmares

Diverse Paper Currency, Coins, Line Graph

(Moscow Times – themoscowtimes.com – Peter Hobson – December 26, 2015) [Charts here themoscowtimes.com/business/article/8-shades-of-crisis—russias-year-of-economic-nightmares/553703.html] Imagine Russia as a combustion engine. Oil and gas pumped from its vast territories wash through the economy as taxes, government spending and investment. Foreign currency from oil and gas sales is used to fund imported equipment and products on shop shelves. Cash from the energy […]

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TRANSCRIPT: [Putin] Statement for the press following Russian-Indian talks

India map

(Kremlin.ru – December 24, 2015) President of Russia Vladimir Putin: Mr Prime Minister, ladies and gentlemen, The first official visit to Moscow by India’s Prime Minister, Mr Narendra Modi, is coming to an end. Our talks were very substantive and fruitful. I hope they would assist in promoting the privileged Russian-Indian strategic partnership. Yesterday Mr Modi and I had a […]

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Sino-Russian energy relations reversed: a new little brother

Asia Map

Don’t be fooled. Russia’s growing ties to China may not be what they seem. (opendemocracy.net – Morena Skalamera – December 22, 2015) Morena Skalamera is a post-doctoral fellow at the Belfer Center, Harvard University, where she researches the geopolitics of energy and European-Russian energy co-operation. In the year since Russia and China signed a landmark $400bn natural gas pact in […]

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