Russia's oil potential: prospects and implications

Gawdat Bahgat

OPEC Energy Review, 2004, vol. 28, issue 2, 133-147

Abstract: Since the late 1990s, Russia's oil production has experienced a steady resurgence. As a result, Moscow has regained its status as a major oil producer, exporter and crucial player in global energy markets. This paper argues that this rising Russian role should neither be overestimated nor underestimated. It examines some of the main characteristics of the country's oil industry, notably the investment climate, production‐sharing agreement regime and pipeline capacity. Russia's rising production is likely to enhance global energy security. Moscow and other major oil producers share a similar goal — stability of the oil market and international economy. Today's energy market should not be analysed in zero‐sum terms. Major oil producers coordinate their policy with each other and with major consumers.

Date: 2004
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