Russia Unfazed By U.S. Oil Sanctions

Oil Well file photo

(Oilprice.com – Viktor Katona – November 9, 2017) Western energy sanctions vis-à-vis Russia have become a steady phenomenon of the global oil and gas market. Most Russian oil companies don’t expect sanctions to be scrapped anytime soon-an assessment espoused by the political elites of the country, too. The sides even seem to have resigned their minds to the current frosty […]

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Russian LNG Unfazed By U.S. Sanctions

Asia Map

(Oilprice.com – Tsvetana Paraskova – November 2, 2017) Russia’s energy industry faces a new round of U.S. sanctions – including on oil projects in any location if a designated entity holds more than 33 percent. And in Europe, where Russia’s gas giant Gazprom currently holds a large share of the gas supplies, Poland and Lithuania are buying U.S. LNG in […]

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NEWSWATCH: “Russia Uses Its Oil Giant, Rosneft, as a Foreign Policy Tool” – New York Times/ Clifford Krauss

File Photo of Rosneft and Russian Flags Next to Rosneft Banner

“Russia is increasingly wielding oil as a geopolitical tool, spreading … influence … and challenging the interests of the United States. … Moscow risks running into trouble … lend[ing] money and mak[ing] deals in turbulent economies and shaky political climates. The strategy faces a crucial test this week in Venezuela, a Russian ally that must come up with a billion dollars to avert […]

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Russia Goes All In On Arctic Oil Development

Arctic Map

(Oilprice.com – Tsvetana Paraskova – October 19, 2017) Neither sanctions nor persistently low oil prices are hindering Russia’s ambitions or plans to develop oil resources in its sections of the Arctic. In April, state-controlled oil giant Rosneft started drilling the northernmost well on the Russian Arctic shelf in the Khatangsky license area in the Laptev Sea. In June, Rosneft struck […]

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A Corruption Trial Splits the Kremlin; The former economy minister got caught in a sting, and no one knows where Putin stands.

File Photo of Kremlin Tower, St. Basil's, Red Square at Night

(Bloomberg – bloomberg.com – Evgenia Pismennaya, Ilya Arkhipov, Henry Meyer, Irina Reznik – October 11, 2017) The first prosecution of a minister for graft under Russian President Vladimir Putin contains the kind of details you’d expect in a spy novel, from hidden microphones and coded hand signals to homemade sausages and a bag stuffed with cash. The case against former […]

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Is This The Geopolitical Shift Of The Century?

Middle East Map

(Oilprice.com – Cyril Widdershoven – October 7, 2017) Dr. Cyril Widdershoven is a long-time observer of the global energy market. Presently, he holds several advisory positions with international think tanks in the Middle East and energy sectors in the Netherlands, the United Kingdom, and the United States. The geopolitical reality in the Middle East is changing dramatically. The impact of […]

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NEWSWATCH: “OPEC Pushes Russia to Continue Helping on Oil Prices” – Wall Street Journal/ Benoit Faucon, Summer Said, Nathan Hodge

File Photo of King Salman of Saudi Arabia Seated Next to Saudi Flag and Gesturing, adapted from image at defense.gov

As King Salman becomes the first Saudi Monarch to visit Moscow, The Wall Street Journal reports on efforts by OPEC to keep Russia in an ad hoc coalition to suppress global oil production. “Saudi Arabia and OPEC are lobbying Russia to stay on board with their efforts to raise oil prices, amid signals that Moscow wants to end its participation in costly […]

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RUSSIALINK: “[Putin at] Russian Energy Week Forum plenary session” – KremlinRu

Vladimir Putin file photo with VOA logo; screen shot from video still

[This excerpt includes only the comments by Putin] [Click here for Q&A and video with English interpretation: en.kremlin.ru/events/president/news/55767] Vladimir Putin attended a plenary session of the first Russian Energy Week (REW) Energy Efficiency and Energy Development International Forum. Following the plenary session, Vladimir Putin had a brief meeting with foreign guests of the Russian Energy Week who arrived in Moscow to […]

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Saudi Arabia to Plan Russia Deals, Deepening Energy Ties

File Photo of King Salman of Saudi Arabia Seated Next to Saudi Flag and Gesturing, adapted from image at defense.gov

(Bloomberg – bloomberg.com – Wael Mahdi , Elena Mazneva, Ilya Arkhipov – October 3, 2017) Saudi Arabia is looking at unprecedented deals to acquire #oil and #gas assets in Russia, deepening ties between the world’s largest energy exporters as the Saudi king prepares to visit Moscow later this week. OPEC’s biggest crude producer is considering investing in Russia’s largest oil […]

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NEWSWATCH: “Oil prices rise to highest level in two years” – Intellinews/ Ben Aris

Oil Wells File Photo

“Trouble between Turkey and the Kurds led oil prices to rise to $59 per barrel on September 26, their highest level in more than two years. Kurds held a referendum in … Iraq calling for … an independent Kurdish homeland for the ethnic group, who spill over the borders of neighbouring Turkey, Iran and Syria. Turkish President Recep Tayyip Erdogan […]

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NEWSLINK: “Greasing the public’s hands: how oil and gas taxes financed the Kremlin’s social contract” – Bear Market Blog/ Miranda Lupion

Gas Flame file photo

“This past month, Russian news outlet RBC published a detailed report breaking down the revenue sources that funded the Kremlin’s 2016 federal budget. While the headline, “50 Companies Furnished Half of the Russian Budget’s Tax Revenue,” may come as no surprise to those familiar with the country’s business landscape, the fine print is worth a double take. In 2016, revenue […]

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What Jolted Russia’s Investments Is About to Fizzle Out; From pipelines to cash registers, the factors that caused last quarter’s pickup in investment are only temporary

Gas Facility file photo

(Bloomberg – bloomberg.com – Anna Andrianova – August 30, 2017) [Text with charts bloomberg.com/news/articles/2017-08-30/what-jolted-russia-s-investments-is-about-to-fizzle-out] Russian investments have spiked to a five-year high as the economy exited recession, but the factors that drove the boom are already fading. Fixed-capital investment accelerated an annual 6.3 percent in the second quarter, according to Bank of Russia estimates, the most since 2012. The jump […]

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NEWSWATCH: “Despite New U.S. Sanctions, Russian Oil Traders Say It’s Business as Usual” – Reuters

Oil Well file photo

“Russian oil companies will quickly find ways to work around tighter restrictions imposed this month by the United States on the foreign finance they can use, multiple Russian oil industry sources told Reuters. … new restrictions cut the period that U.S.-based entities can provide finance to Russian energy firms from 90 to 60 days … part of a fresh package of U.S. […]

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NEWSLINK: “The Russian-Saudi rapprochement and Iran. Would Russia draw closer to Saudi Arabia and risk losing Iran?” – Al Jazeera/ Leonid Issaev

Middle East Map

“… A number of developments in recent months have signalled a possible rapprochement between Russia and Saudi Arabia. The two countries have made a joint effort to push for further cutting of oil production to help bring up prices. Since the beginning of this year, Russian Minister of Energy Alexander Novak and his Saudi counterpart Khalid al-Falih have been seeking to conclude […]

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NEWSWATCH: “Corruption Case Puts Sechin in the Spotlight” – Carnegie Moscow Center/ Konstantin Gaaze

Igor Sechin file photo

“The high-profile trial of former Russian economy minister Alexei Ulyukayev is not playing out according to the script that most analysts had expected. The prosecution’s case increasingly relies on the testimony of one man, state oil chief Igor Sechin, making this master of Kremlin intrigue potentially politically vulnerable. The powerful reputation of the official said to be Russia’s second most […]

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The Stunning Story of Russian Minister Ulyukayev’s Arrest for Bribery, Explained

Alexei Ulyukayev file photo

(Moscow Times – themoscowtimes.com – August 8, 2017) Alexei Ulyukayev, the first serving Russian minister to be arrested since the fall of the Soviet Union, will appear in court on Tuesday, after being accused of soliciting a bribe from the country’s largest oil company. The former Economic Development Minister has been under house arrest since his detention in the dead […]

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Russia Sticks to Conservative $40 Oil Forecast for 2018 Budget

Oil Well file photo

(Bloomberg – bloomberg.com – Olga Tanas – June 29, 2017) The Russian government is sticking to its conservative assumptions for oil prices as it drafts the budget for the next three years, relying mainly on domestic borrowing to finance the deficit in order to preserve its rainy-day funds. Oil prices are running above the government’s $40-a-barrel forecast, but growing supply […]

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Kennan Cable No.24: Russian Foreign Policy in the Arctic: Balancing Cooperation and Competition

Arctic Map

(Kennan Institute – wilsoncenter.org/program/kennan-institute – Stacy R. Closson, Assistant Professor, Patterson School of Diplomacy and International Commerce, University of Kentucky – June 26, 2017) Introduction The Arctic region presents a particularly interesting case study of Russian foreign policy. In a time when Russia is showing renewed aggression on three fronts – the Baltic Sea region, Syria, and Ukraine – and meddling in […]

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Rosatom: Climate’s new best friend; As Russia’s economic crisis continues to hit budgets, the country’s state nuclear corporation is going green to raise funds on the international level.

Russian Nuclear Power Plant

(opendemocracy.net – Vladimir Slivyak – June 21, 2017) Vladimir Slivyak is the co-chair of the Russian environmental NGO Ecodefense and has been taking part in UN climate change talks since 1995. The recent St Petersburg International Economic Forum was widely covered by the Russian media, partly because of the eye-catching debates in which president Vladimir Putin himself took part. In […]

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Are Russia And The Saudis Planning A Natural Gas Cartel?

Gas Flame file photo

(Oilprice.com – Cyril Widdershoven – June 18, 2017) The fledgling production cut strategy of OPEC (Saudi Arabia) and non-OPEC (Russia and the FSU) shows that a new strategy is needed to counter the ongoing doubts in the markets. At the same time, Russia and Saudi continue to give indications of a possible OPEC 2.0 scenario, in which a possible Russian […]

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NEWSLINK: “Rosneft chief Sechin looks beyond Russia sanctions. Putin ally wants stronger ties between oil heavyweights Russia, Saudi Arabia and US.” – Financial Times

File Photo of Rosneft and Russian Flags Next to Rosneft Banner

“… while sanctions may mean Mr Sechin, Rosneft and Russia currently have a strained relationship with the US energy industry, the resolute former deputy chief of staff to Mr Putin has ambitions for a grand coalition between oil’s superpowers: Russia, Saudi Arabia and the US. … reflecting on President Donald Trump’s campaign stance on developing better relations with Russia — which has since […]

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VIDEO NEWSWATCH: “U.S. shale, trade and sanctions worry Russian Finance minister as economy gets back on track” – CNBC/ Geoff Cutmore, Alexandra Gibbs

Anton Siluanov file photo

[Scroll down for embedded video] “… Following last week’s decision by oil producers to extend output cuts by nine months to March 2018, Siluanov told CNBC that OPEC’s decisions would give opportunity [sic] for prices to stay at present levels, but that both producers and the ministry had to be on alert for any market changes. …” ‘On the one […]

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NEWSWATCH: “Russia’s economy is recovering well” – CNN

Diverse Paper Currency, Coins, Line Graph

“[Russia] is recovering nicely from a recession and should see economic growth of 1.4% this year, according to [the IMF] … Russia is heavily dependent on oil exports and was hit hard when crude prices started to crash in 2014. Economic sanctions imposed by Western governments as punishment for Russia taking control of Ukraine’s Crimea region dealt the economy another blow. […]

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NEWSWATCH: “Russia Says Key Goal Is to Bring Global Oil Stocks Down to Five-Year Average” – Reuters

Oil Well file photo

“The main goal of [a] proposed extension of [an] oil output cuts deal is to bring the global commercial oil inventories down to 5-year average and stabilise the market, Russian Energy Minister Alexander Novak said on Tuesday. … Saudi Arabia and Russia, the world’s top two oil producers, agreed on Monday on the need to extend output cuts for a […]

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NEWSWATCH: “Despite Sanctions, Russia’s Oil Industry Powers On” – Wall Street Journal/ Bradley Olson, Jay Solomon

Oil Well file photo

“Exxon Mobil … is suffering from sanctions on Russia. The same can’t be said for other big Western energy companies, or for Russia’s oil production. … sanctions, put in place by the U.S. and European Union in 2014 after Russia’s annexation of the Crimea region of Ukraine, were meant to limit Russia’s pursuit of new technology for extracting more crude oil […]

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Pavel Koshkin: “Why the revival of the commodity market is not good for the Kremlin”

Oil Well file photo

Subject: Why the revival of the commodity market is not good for the Kremlin Date: Tue, 2 May 2017 From: Pavel Koshkin <pkoshkin.russia.direct@gmail.com> Title: Why the revival of the commodity market is not good for the #Kremlin Pavel Koshkin is a contributor for Forbes-#Russia magazine and the deputy editor of International Desk at RBC Daily, a Russian independent newspaper. He […]

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NEWSLINK: “ExxonMobil Just Challenged Trump to Get Serious With Russia Policy” – Fortune/ Richard Nephew, Colin Rowat

Portion of U.S. Treasury Department Building Facade, North Side, with Sculpture of Alexander Hamilton

“Earlier this month, news leaked that ExxonMobil was pushing the Treasury Department to grant it a sanctions waiver, which would allow the company to resume its joint venture Black Sea drilling operations with Russian oil giant Rosneft. The Treasury Department has since denied the waiver application, as waivers are granted for humanitarian and policy reasons, not for business reasons—which was […]

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NEWSLINK: “Russia and the “Resource Curse”: When the Kremlin’s Policy is Counterproductive for the Economy” – Carnegie Moscow Center/Forbes.ru/ ANDREY MOVCHAN, PAVEL KOSHKIN)

Oil Well file photo

“How can Russia overcome the “resource curse”? What countries should be an example for Moscow? What consequences can the Russian flawed economic policy lead to? Why could the authorities’ attempts to save their power by any means be dangerous for economic growth? Andrey Movchan, the director of the Economic Policy Pogram at the Carnegie Moscow Center, sheds light on these […]

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NEWSLINK: “Russia and the “Resource Curse”: When the Kremlin’s Policy is Counterproductive for the Economy” – Carnegie Moscow Center/ Forbes.ru/ ANDREY MOVCHAN, PAVEL KOSHKIN)

Oil Well file photo

“How can Russia overcome the ‘resource curse’? What countries should be an example for Moscow? What consequences can the Russian flawed economic policy lead to? Why could the authorities’ attempts to save their power by any means be dangerous for economic growth? Andrey Movchan, the director of the Economic Policy Pogram at the Carnegie Moscow Center, sheds light on these […]

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RUSSIALINK RBTH: “Why does ExxonMobil need Russia’s Arctic region? Even though the price of extracting oil in the Arctic is very expensive, ExxonMobil still wants to strengthen its position in the Russian market.”

Arctic Map

“The U.S. Government will not give the green light to oil major ExxonMobil Corporation and other American companies that seek to drill in areas covered by U.S. sanctions against Russia, Treasury Secretary Steven Mnuchin said on April 21. …”

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NEWSLINK: “Kremlin Stringing Kadyrov Along on Oil” – Russian and Eurasian Politics/Gordon Hahn

Ramzan Kadyrov file photo

“Chechen President and strongman Ramzan Kadyrov recently may have finally won long-sought concessions from Moscow in oil related industries, something he has been fighting to attain from RosNeft since he came to power in the once war-torn North Caucasus republic in early 2008. In November 2009, Kadyrov and Sergei Bogdanchikov, then head of RosNeft, Russia’s state oil giant, wrested from oligarch […]

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Fiscal rule already essentially in effect, might be formally introduced in 2018 – Belousov

Oil Well file photo

MOSCOW. April 17 (Interfax) – The new fiscal rule that restricts Russian budget spending of additional oil and gas revenue is essentially already in effect, and it might be formally introduced in 2018, Kremlin aide Andrei Belousov said. “The fiscal rule comes down to cutting off the level of spending at an oil price of $40 per barrel. We negotiated […]

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Russia Can Wait for $70 Oil Before Re-Entering Arctic Waters

Arctic Map

(Bloomberg – bloomberg.com – Elena Mazneva, Dina Khrennikova – March 29, 2017) Russia can wait for a sustained recovery in oil prices before drilling again in Arctic waters, relying for now on less costly regions even as rival producer Norway accelerates development of its northerly fields. “We estimate production costs for the Russian Arctic offshore in the range of $70 […]

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NEWSLINK: “Are Russia’s oil wells truly in danger of drying up?” – Russia Beyond the Headlines/Vzglyad/OLGA SAMOFALOVA

Oil Well file photo

“Russia’s economy is heavily dependent on the energy sector. Oil and gas alone are estimated to account for 16 percent of GDP, 52 percent of the federal government’s revenue, and 70 percent of the country’s exports. Russia’s future without oil is inconceivable, and would debilitate the country tremendously. Therefore, investments in the exploration of new oil reserves are imperative, but […]

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NEWSWATCH: “Oil is the cause of Russia’s outsized corruption problem” – bne Intellinews/Ben Aris

File Photo of Kremlin Tower, St. Basil's, Red Square at Night

“#Russia was wracked by protests over the weekend when an estimated 60,000 people took to the street in more than 80 cities large and small to decry rampant corruption. Russia does have an outsized corruption problem and its #oil wealth is to blame.  … the Russian government has identified corruption as probably the biggest drag on growth and has launched a […]

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Why the Comey Hearing Was Frightening to a Russian

Gas Facility file photo

(Bloomberg – bloomberg.com – Leonid Bershidsky – March 21, 2017) Leonid Bershidsky is a Bloomberg View columnist. He was the founding editor of the Russian business daily Vedomosti and founded the opinion website Slon.ru. Monday’s hearing on Russia’s alleged interference in the U.S. presidential election and the alleged contacts between Donald Trump’s campaign and the Kremlin yielded inspiring news for […]

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RUSSIALINK RBTH: “Why Russia does not want to join OPEC; Russia sees oil club as a competitor, though they share tactical interests”

Oil Well file photo

(Russia Beyond the Headlines – rbth.ru – MARIA KUTUZOVA, SPECIAL TO RBTH) Russia is not considering joining OPEC, Russia’s Energy Minister Alexander Novak has told a U.S. conference. Speaking during the CERAWeek Oil Conference in Houston, Texas early March Novak added: “But our cooperation with the oil exporting countries has proven to be necessary and useful.” He has often spoken […]

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Russia Is Running on More Than Just the Black Stuff; The world’s largest energy producer is out of its longest recession in two decades

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Anna Andrianova- March 7, 2017) [Charts here bloomberg.com/news/articles/2017-03-07/russia-is-running-on-more-than-just-the-black-stuff] Russia has exited recession, with a little help from the boys in uniform, a major statistical revision – and the global oil price. And not just any recession, but its longest in two decades. So what happened? 1. Is the economy really out of the woods? Actually, the […]

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NEWSWATCH: “The fate of Russian stocks hinges on politics and oil” – CNBC/Rebecca Ungarino

File Photo of Outdoor Electronic Sign with Russian Exchange Data

“… The Moscow composite index is down nearly 8 percent year to date, underperforming the U.S. by nearly 15 percent as optimism around the possibility of the removal of trade sanctions against Russia fades. And crude oil, which weighs heavily on the Russian economy, has traded in a narrow range so far this year, offering no help to Russian stocks. […]

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Moscow Court Overturns Fine for Independent Russian News Outlet RBC

Igor Sechin file photo

(Moscow Times – themoscowtimes.com – March 1, 2017) A Moscow court has overturned the decision to fine independent Russian news outlet RBC for libelling oligarch and Putin ally Igor Sechin. An RBC report published in April 2016 claimed that Sechin, the CEO of Russian oil giant Rosneft, had asked Russian President Vladimir Putin to block the company’s minority stakeholder from […]

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Putin’s Russia Seen Dominating European Gas for Two Decades

Gas Flame file photo

(Bloomberg – bloomberg.com – Elena Mazneva, Anna Shiryaevskaya – March 1, 2017) Europe has wanted to wean itself from Russian natural gas ever since supplies from its eastern neighbor dropped during freezing weather in 2009. Almost a decade later, the region has never been more dependent. Gazprom PJSC, Russia’s state-run export monopoly, shipped a record amount of gas to the […]

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Russia Overtakes Saudi Arabia as World’s Top Crude Oil Producer

Oil Well file photo

(Bloomberg – bloomberg.com – Claudia Carpenter – February 20, 2017) Russia overtook Saudi Arabia as the world’s largest crude producer in December, when both countries started restricting supplies ahead of agreed cuts with other global producers to curb the worst glut in decades. Russia pumped 10.49 million barrels a day in December, down 29,000 barrels a day from November, while […]

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Russia’s Largest Oilfield May Be About to Gush Cash Once Again

Oil Well file photo

(Bloomberg – bloomberg.com – Stephen Bierman, Andrey Biryukov – February 15, 2017) #Russia’s largest #oil field, so far past its prime that it now pumps almost 20 times more water than crude, could be on the verge of gushing profits again for #Rosneft PJSC. Samotlor, the 25 billion-barrel giant that bankrolled the Soviet Union for decades, would be the biggest […]

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NEWSWATCH: “Russia’s economy grows at $40 per barrel oil; Russia’s Central Bank last week said appetite was low for an increase in lending rates” – UPI/Daniel J. Graeber

Elvira Nabiullina file photo

The Russian economy will be on the positive side of growth even if the price of crude oil falls to $40 per barrel … [Central Bank Gov. Elvira Nabiullina] said. … The number of economic sectors expected to expand this year is not much greater than those in contraction, but losers are outnumbered. Much … depends on the price of […]

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Putin’s Tough Choice: China Or The West

Eurasia Map

(Oilprice.com – Robert Berke – February 3, 2017) To many observers, the appointment of Tillerson to the helm the State Dept signaled the Administration’s priority of supporting the oil industry, which in recent years has been under severe pressure from OPEC’s campaign of over-production that forced prices down to a post-recession low. Seen from a different angle, the move also […]

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TRANSCRIPT: [Vladimir Putin, Mikhail Men, Alexander Novak, Nikolai Nikiforov, Vitaly Mutko at] Meeting with Government members

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

(kremlin.ru – February 1, 2017) Vladimir Putin met with Government members to discuss possibilities for further developing treasury monitoring of budget spending, the situation with co-funded housing development, and a number of other current issues. President of Russia Vladimir Putin: Good afternoon colleagues. Today, we will discuss the results of work and further development for treasury monitoring of budget spending. […]

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NEWSLINK: “Russia Survived Sanctions, And BlackRock Goes Overweight” – Forbes.com/Kenneth Rapoza

Diverse Paper Currency, Coins, Line Graph

“… Russian oil and gas companies, along with its biggest banks, were sanctioned in the summer of 2014 following the March annexation of Crimea, a Black Sea peninsula in southeastern Ukraine. Tension between the West and Russia increased that year as a new, U.S. backed government led by Arsesniy Yatsenyuk took hold in Kiev, sending Moscow into panic mode. Russia […]

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How Tillerson Could Fuel A Russian Arctic Drilling Boom

Rex Tillerson file photo, adapted from image at readyagain.gov

(Oilprice.com – Robert Berke – January 23, 2017) Robert Berke is an energy financial analyst with experience as a government consultant to the State of Alaska. It’s now clear to nearly everyone that U.S. President Trump intends to seek warmer U.S. relations with Russia, while putting China and Iran relations in the deep freezer. Trump has made no secret of […]

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Russia Locks In on What’s Wrong With Ruble During Oil Frenzy

Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Anna Andrianova – January 23, 2017) Untethering the #ruble helped #Russia ride out the biggest #oil downturn in a generation. But it’s left the world’s biggest energy exporter vulnerable to greater volatility in crude prices as #OPEC pushes output cuts. To address that, the Bank of Russia is preparing to wade back into the currency market […]

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