Tag Archives: oil in Russia

Oil Prices Could Be Lower For Longer

The ECOreport reposts an analysis of market conditions, Oil prices could be lower for longer

Originally Posted on Oilprice.com

By Nick Cunningham

Oil prices have cratered in recent weeks, dipping to their lowest levels in more than seven months and any sense of optimism has almost entirely disappeared. All signs point to a period of “lower for longer” for oil prices, a refrain that is all too familiar to those in the industry.

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Behind Russia’s Oil-Producing Renaissance

The ECOreport reposts a look behind Russia’s Oil-Producing Renaissance

Originally Posted on Oilprice.com

By Viktor Katona

On a global level, 2015 and 2016 marked the lowest level of new conventional oil discoveries since 1952. In 2016, only 3.7 billion barrelsof conventional oil were discovered, roughly 45 days of global crude consumption or 0.2 percent of global proved reserves. Globally, exploratory drilling fell by almost 20 percent in 2015 and fell even further in 2016. Russia’s exploration activities, which were hit not only by plummeting oil prices but also by a targeted sanctions regime, suffered a double blow during this period. In 2015, only seven new hydrocarbon discoveries were made in Russia, three of them in the Baltic Sea. In 2016, oil and gas companies in Russia discovered 40 prospective fields, however, the 3P reserves of the largest among them, Rosneft’s Nertsetinskoye, amounted to 17.4 million tons. This stands in stark contrast with pre-sanction period achievements, for instance, 2014’s largest find, Pobeda, is believed to contain 130 million tons of oil and 0.5TCm of gas.

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Five State-Run Oil Economies

The ECOreport reposts a description of some of the most successful Petro-states, Five State-Run Oil Economies

Originally Published on Oilprice.com

By Zainab Calcuttawala

A policy of nationalizing chunks of an economy inevitably creates oligarchs who skim profits off the country’s natural resources.

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Russian Petroleum Companies During The Oil Glut

The ECOreport reposts an EIA analysis, Russian Petroleum Companies During The Oil Glut

Originally Published on the US Energy Information Administration

By Justine Barden

Russian federal revenue from oil and natural gas production has declined significantly in response to low oil prices. However, Russian oil and natural gas companies’ capital investment programs have been less affected, if at all. Russia’s two main hydrocarbon taxes are calculated by formulas that result in lower tax rates at lower crude oil prices. As oil prices fall, petroleum companies retain a larger share of revenue, but government revenues from oil and natural gas production fall even faster than prices.
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Canada Is One Of The World’s Largest Energy Producers

The ECOreport reposts E.I.A. analysis that Canada is one of the world’s largest energy producers & the principal source of U.S. energy imports.

Originally Published on the US Energy Information Administration

Canada is a net exporter of most energy commodities and a significant producer of crude oil and other liquids from oil sands, natural gas, and hydroelectricity. Energy exports to the United States account for the vast majority of Canada’s total energy exports. However, because of economic and other considerations, Canada is developing ways to diversify its trading partners, especially by expanding ties with emerging markets in Asia.

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Cutthroat Prices in the Ongoing Oil War

The ECO reposts an article about how everyone is suffering because of cutthroat prices in the ongoing oil war. 

Originally Published on Oilprce.com

By Charles Kennedy

This is a financial cold war—nothing more, nothing less.

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Saudi Arabia’s Inroads into The European Market

Russia has been selling 70% of its’ oil to Europe, but now faces stiff competition. Saudi Arabia’s Inroads into The European Market

Originally Published on Oilprice.com

By Nick Cunningham

Russia’s central bank recently warned about the growing financial risks to the Russian economy from Saudi Arabia encroaching upon its traditional export market for crude oil. Russia sends 70 percent of its oil to Europe, but Saudi Arabia has been making inroads in the European market amid the oil price downturn.

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Fossil Fuels receive Almost 4X more Subsidies

The World’s Fossil fuels companies receive $452 billion a year, compared to $121 billion for renewables. Fossil Fuels receive Almost 4X more Subsidies

Originally Published on Energydesk

by Zachary Davies Boren

Oil, gas and coal companies around the world get nearly four times as much money in subsidies as renewable energy ventures.

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Can Russia Outlast The Saudis?

The two dominant crude exporters both lost over $100 billion in crude revenues in 2015. Who will emerge as #1? Can Russia Outlast The Saudis?

Oil Market Showdown: Can Russia Outlast The Saudis?

“Two men enter, one man leaves, two men enter, one man leaves, two men enter…” – Mad Max: Beyond Thunderdome

Originally Published on Oilprce.com

By Dalan McEndree

November 27, oil consuming countries will celebrate the first anniversary of the Saudi decision to let market forces determine prices. This decision set crude prices on a downward path. Subsequently, to defend market share, the Saudis increased production, which exacerbated market oversupply and further pressured prices.
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Russia’s Vital Energy Industry

Threats to Russia’s energy industry have multiplied and intensified, from Europe to Central Asia & Syria. Russia’s vital energy industry,

Originally Published on Oilprice.com

By Dalan McEndree

President Putin’s recent moves in the Middle East—to shore up Bashar al-Assad’s regime in Syria through deployment of combat aircraft, equipment, and manpower and build-out of air-, naval-, and ground-force bases, and the agreement in the last week with Iran, Iraq, and Syria on intelligence and security cooperation—could contribute to Russian efforts to combat the myriad negative pressures on Russia’s vital energy industry.

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