(Oilprice.com – Tsvetana Paraskova – Jan. 19, 2023) Russia’s current account surplus hit a quarterly record in the second quarter of 2022 as its imports fell and the value of its exports soared. Since that record quarter, Russia’s current account surplus has dropped every quarter as gas exports dried up and oil prices fell. Russia’s energy export revenues are set […]
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“The Kremlin’s ability to wage war is already constrained, but the worst is yet to come.” “… [I]ncessant debates over the effectiveness of sanctions … serve[] the Kremlin’s interests. … [W]inter fast approaching, Putin is betting that sanctions fatigue will soon set in. … [D]ata show[] that the people claiming sanctions are ineffective are wrong: Only nine months after … […]
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“Move is an attempt to squeeze the Kremlin’s oil revenues while keeping global supplies steady.” “The European Commission, the [EU]’s executive body, [reportedly] has asked the [EU]’s 27 member states to approve a … Russian oil [price cap] of $60 a barrel …. significantly below the international benchmark … Brent …. … [T]he [G7] … nations [would] need to sign […]
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The country’s biggest businesses will be asked to contribute even more to Russia’s development […]
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Russian President Putin is assembling a potent military force and may see a chance to act this winter, William Burns says […]
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While OPEC+ is set to meet to discuss pausing the production increases, Russia sees no reason to hold back at the moment […]
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Russia could be left with almost $2 trillion in worthless hydrocarbon assets if major economies hit their net zero targets over the coming decades […]
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(Kennan Institute – wilsoncenter.org/program/kennan-institute – Kennan Cable No. 73 – Thomas Eric Rotnem – Nov. 2021) Professor of Political Science and Associate Director, School of Government and International Affairs, Kennesaw State University In 2007, Russia signaled its commitment to pursue territorial claims in the Arctic by planting a titanium Russian flag on the polar seabed. Now, Russia is moving well […]
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“Oil giant Rosneft announced the creation of a plan to transition to green energy, but also warned that fossil fuels would never fully be replaced.” “Russian state oil major Rosneft is developing a new strategy centred on the transition to renewable energy resources. … [according to] CEO Igor Sechin …. However, … [he] stress[ed] that oil and gas would continue […]
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The seismic, multi-generational Iran-China deal is set for full roll-out. Full membership of the economic, military and political, SCO alliance will lead to major strategic investments in Iran’s up-and-downstream sectors […]
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“… Putin … [said] that in the end all 28 integration programs were approved. [Putin said that] [t]hey include the integration of currency systems, the principles of levying indirect taxes … the fight against terrorism … [and] the pricing of Russian energy resources, … that a document would be signed by Dec. 1, 2023, to create a single gas market […]
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“Europe’s border tax and China’s carbon-neutral ambitions might just force a fossil fuel giant to face climate facts.” “… Sooner than expected, Putin’s hydrocarbon-dependent regime has found itself watching key markets slip away as China targets net-zero emissions and Europe introduces measures including a levy on heavy industry imports that fail to meet its climate protection standards. Having lauded the […]
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MOSCOW. Aug 13 (Interfax) – The concentration of oil products in the Black Sea following a spill in the area of Novorossiysk is decreasing due to a storm and heavy rains, the head of the WWF Russia program for corporate environmental responsibility, Alexei Knizhnikov told Interfax on Friday. “There is a very strong storm happening now in the vicinity of […]
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(Oilprice.com – Simon Watkins – Aug. 10, 2021) There was always something that did not look quite right about Lukoil’s recent announcement that it was going to withdraw from Iraq’s huge West Qurna 2 oil field, located 65 kilometers northwest of the southern port of Basra and with roughly 14 billion barrels of reserves in place. So it has proven, […]
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… a cybercriminal group that U.S. authorities said operates from Russia penetrated a pipeline operator on the U.S. East Coast, locking its systems and demanding a ransom. … caus[ing] a shutdown … [leading] to a spike in gas prices, panic buying, and localized fuel shortages […]
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“For Moscow it is the last geopolitical battleground where it holds the advantage over Washington and Beijing” “… [N]ew and refurbished bases [are] meant to service the Kremlin’s ambitions in the resource-rich Arctic. … combined to form a new military district … under … the Northern Fleet, Russia’s foremost Arctic naval force[] … [with fleet] headquarters … on the Kola […]
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“Russia’s Sergei Lavrov claimed this week that ‘this is our land and our waters’ as NATO allies boost military activity” “… Russian and U.S. diplomats … [signal] rising tensions between [powers] racing to seize Arctic resources …. Arctic Council [participants] weren’t due to discuss security. But … Russia’s … Sergei Lavrov declared … the Arctic ‘is our land and our […]
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… Russia is one of the three biggest oil exporters in the world, alongside Saudi Arabia and the United States […]
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Since Russian President Vladimir Putin’s rise to leadership more than 20 years ago, tensions have increased steadily between Russia and the United States […]
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Russia is slashing … estimates for domestic crude oil, gas, and coal production for 2021 and 2022, according to … the government’s program for energy development […]
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The OPEC+ group of oil producing countries, led by Saudi Arabia and Russia, has agreed to increase oil output gradually over the next months […]
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Moscow is busy highlighting the northern sea route and Nordstream as alternatives for world trade […]
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The Kremlin wants to use the grounding of the Ever Given ship to promote its Northern Sea Route and counter European concerns over Nord Stream 2. (Moscow Times – themoscowtimes.com – Jake Cordell – March 26, 2021) Almost $300 million worth of Russian oil products are waiting to enter the Suez Canal, which remains closed following the grounding of the […]
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“As a dictator, … Putin has continued what he failed to do as a KGB agent in the GDR [East Germany] … his fight against a freedom-loving Germany and a united Europe. For years, Putin has been running riot with impunity in [Germany]. … buying off influential ex-politicians with lucrative oil projects, such as Nord Stream 2. … support[ing] the […]
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“Rising temperatures in the Arctic are a warning sign for the planet. The melting ice has an economic upside for Russia.” “Russia … fourth-biggest [greenhouse gas] emitter … [also faces Arctic] temperatures … warming more than twice [that of global rates] …. [With] more than a fifth of the planet’s forests, Russia has [had] two consecutive years of record-breaking wildfires […]
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… [T]he Krasnoyarsk City Court of Arbitration ruled that almost all of the sum, the largest legal award in Russian history, must go to the federal treasury […]
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Crude oil prices will trade in a range between $45 a barrel and $80 a barrel in the period until 2035, under a set of scenarios developed by the Russian energy ministry […]
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MOSCOW. Jan 25 (Interfax) – The structure of energy consumption worldwide is unlikely to change significantly, with hydrocarbons all the same set to remain in demand for a long period, Russian President Vladimir Putin said on Monday during a meeting of the government with university students to mark the occasion of the country’s Students’ Day. “The whole world is absorbed […]
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(Oilprice.com – Irina Slav – Dec. 17, 2020) Russia is successfully weaning itself off oil revenues, President Vladimir Putin said today during an annual end-of-the-year news conference, as quoted by RT. “This means that, while we’re not completely there, we are nonetheless starting to get off the so-called oil and gas needle,” Putin said, adding, “If someone still wants to […]
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… Confronted with a series of delays, oftentimes quite problematic, … the Russian Energy Ministry has started to gradually soften up long-term objectives […]
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(Oilprice.com – Irina Slav – Sept. 28, 2020) All players on the global energy market need to act together to tackle the effects of the pandemic on oil demand, Russia’s Energy Minister Alexander Novak said at a virtual meeting of G20 energy ministers this weekend. “Our task, as the leaders of the energy industry, is to show stamina and solidarity […]
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(Oilprice.com – Vanand Meliksetian – Sept. 24, 2020) The ongoing demonstrations in Belarus and the looming instability are a threat to both Russia and the EU. Moscow prefers the continuation of Lukashenko’s regime due to political reasons. Europe, on the other hand, faces an energy crisis if the situation escalates which could lead to a disruption of supplies. Belarus’ geographic […]
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“Accumulating evidence points at prospects of growing destabilization at the regional level in Russia. In 2019, five consecutive years of economic stagnation ignited a wave of protests across the country. In 2020, as Russia’s economic situation worsened dramatically due to a pandemic-driven halt to economic activity combined with a fall in oil prices, support for Kremlin appointees might start crumbling […]
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(Moscow Times – themoscowtimes.com – Sept. 4, 2020) Russia and Belarus are preparing to reopen borders that were closed because of the coronavirus pandemic and are discussing rerouting Belarusian oil exports through Russia, news outlets reported after high-level talks Thursday. Russian Prime Minister Mikhail Mishustin and his delegation met Belarusian President Alexander Lukashenko and his government in Minsk amid continuing […]
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“Belarus has one of the lowest poverty rates in Europe, but economic growth is anemic due to archaic state-run industries and the ending of Russian energy subsidies. Its biggest political crisis is even more of a threat.” “… Belarus’ dependence on energy-rich Russia is ever more evident …. Moscow has already offered to help bolster security [amidst the current crisis] […]
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“Global gas market remains oversupplied and renewables only makes up a small part of the country’s energy mix.” “Russia’s energy sector has so far come through the pandemic better than some might have expected. … Opec+ … has shored up oil revenue and the rouble. But [Russia’s] longer-term outlook is cloudy, both in petroleum and its unstrategic approach to new […]
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“Russia’s economy contracted … 8.5% year-on-year in the second quarter, the state statistics agency [Rosstat] said … in its first assessment of the impact of … coronavirus and an oil crisis. GDP fell in ‘all areas of the economy except agriculture’ … Rosstat … said …, with passenger transport down 79% and the services industry down 37.2% The sharp drop […]
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“…. The Russian armed forces … have to live within their means. Russia depends heavily on exporting oil and natural gas … [L]ow energy prices constrict … national income and … ability to afford pricey armaments. Prices … have run off a cliff amid coronavirus lockdowns. … [F]or instance … the Severnoye Design Bureau, a division of the United Shipbuilding […]
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(Oilprice.com – Tsvetana Paraskova – July 22, 2020) Russia is considering whether to adopt a kind of state oil hedging program, similar to Mexico’s oil hedge, to protect government revenues from oil price crashes in the future, Russian news agency Interfax reported on Wednesday, quoting sources familiar with the matter. The Mexican oil hedge, or the Hacienda Hedge, is considered […]
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“… [C]ommercial realpolitik is at the heart of [Russia and China’s Arctic] engagement. … [even as it] navigates existing fault lines, such as Beijing’s failure to acknowledge Russia’s annexation of Crimea and Moscow’s nonalignment in the … India-China conflict. … [R]egional cooperation is due to … shared interest[s] in maintaining domestic stability. Long-term economic development ventures and the viability of […]
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The oil price crash that Russia helped create, along with the coronavirus-driven global recession, will result in Russia’s economy shrinking this year by the most in 11 years, the World Bank said […]
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(Paul Goble – Window on Eurasia – Staunton, June 28, 2020) The pandemic and associated economic crisis have exacerbated widespread anger among Russians that they live in poverty despite the enormous natural wealth of their country and its sale earlier abroad for more than six trillion US dollars. Had even a small part of that money gone to the people, […]
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Russia’s Arctic has been hit by three separate environmental disasters linked to mining giant Norilsk Nickel in the span of a month […]
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(Oilprice.com – Alex Kimani – June 11, 2020) Five days ago, Russia suffered its worst oil spill in modern history after a fuel storage tank owned by Russian nickel and palladium mining company, Nornickel, collapsed and spilled 21,000 tonnes (about 158,000 barrels) of diesel into the nearby Ambarnaya river outside the Siberian city of Norilsk. The accident–which has drawn comparisons […]
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“Infrastructure built on permafrost needs to be better monitored, experts and officials say.” “… [O]ne of the largest ever oil spills in the Russian Arctic may have been caused in part by permafrost thaw, according to the [polluting] company …. Experts … long warned that … [without] precautionary steps … such thaw could cause[] billions of dollars in damage to […]
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“President Vladimir Putin has been trying for years to push Russia’s birthrate higher, but the economic fallout from the coronavirus pandemic is undermining his efforts” “… The Kremlin has been trying for years to encourage Russians to have more children. … Putin sees replenishing … population as … key to expanding Russia’s economic and political power. But … falling incomes […]
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Russian president’s efforts to showcase the country’s strength abroad backfired amid virus troubles at home […]
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“Russia has … contain[ed] a massive diesel spill into [an Arctic] river … the emergencies ministry [stated] … Environmentalists said the oil spill, which took place [a week earlier] … was the worst such accident ever in the Arctic region. … [A] diesel reservoir collapsed at a power station outside the northern Siberian city of Norilsk[ owned by a subsidiary […]
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… Khodorkovsky was not the first oligarch harassed by Putin, but this was indeed a turning point. Khodorkovsky was the richest man in Russia at that point precisely because he cleaned up his oil company’s corporate governance. […]
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