IDEAS home Printed from https://ideas.repec.org/b/oxp/obooks/9780197300305.html
   My bibliography  Save this book

Russian Oil Supply: Performance and Prospects

Author

Listed:
  • Grace, John D.

Abstract

Russia has come to the forefront of hopes for increasing world oil supplies and abating historically high prices. While production rose from slightly more than 6 million barrels of oil per day in 1998 to over 9 million barrels per day in 2004, long-term continuation of such a dramatic rate of growth cannot be expected. An understanding of Russian oil supply is reached in Russian Oil Supply starting with an investigation of the petroleum geology of the nation's two principal producing basins: the Volga-Ural and West Siberia. To this is added a review of the engineering technologies applied over the Soviet period and the impact they continue to have on productive capacity today. The collapse of the USSR in 1991 generated a fundamental change in the economics of Russian oil production. The transition from a command to largely market-driven industry created an opportunity to study supply in response to changes since independence in the after-tax net income earned at the wellhead by oil companies. That analysis provides an objective foundation for bounding near-term responses in supply to higher world prices and changes in the controlled price of oil on the domestic market. The performance of top major Russian oil companies that dominate the industry is highly varied. Examination of their asset bases and management strategies allow identification of critical issues before these companies and their latitude in meeting them. The lack of a robust 'independent' sector among Russian producers is seen as a significant impediment to exploitation of resources located in a very large number of discovered but undeveloped fields. The most important problems facing the Russian government and producers are the balance of power between them and determination of how much production and exports are 'enough'. Since 2003, the Putin administration has radically increased the position of the state in industry operations and downgraded market mechanisms. Growing uncertainty over the limits of this policy have shaken production growth and sharpened questions over oil's role in Russia and how it interacts with world markets.

Suggested Citation

  • Grace, John D., 2005. "Russian Oil Supply: Performance and Prospects," OUP Catalogue, Oxford University Press, number 9780197300305.
  • Handle: RePEc:oxp:obooks:9780197300305
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Yulia Grama, 2012. "The Analysis of Russian Oil and Gas Reserves," International Journal of Energy Economics and Policy, Econjournals, vol. 2(2), pages 82-91.
    2. Nuno Torres, Oscar Afonso, and Isabel Soares, 2012. "Oil Abundance and Economic Growth--A Panel Data Analysis," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2).
    3. Kjärstad, Jan & Johnsson, Filip, 2009. "Resources and future supply of oil," Energy Policy, Elsevier, vol. 37(2), pages 441-464, February.
    4. repec:taf:ceasxx:v:61:y:2009:i:8:p:1441-1459 is not listed on IDEAS
    5. Sylvain Rossiaud & Catherine Locatelli, 2009. "The obstacles in the way of stabilising the Russian oil model," Post-Communist Economies, Taylor & Francis Journals, vol. 21(4), pages 425-438.
    6. Bouoiyour, Jamal & Selmi, Refk & Tiwari, Aviral Kumar & Shahbaz, Muhammad, 2015. "The nexus between oil price and Russia's real exchange rate: Better paths via unconditional vs conditional analysis," Energy Economics, Elsevier, vol. 51(C), pages 54-66.
    7. Sokolova, E.V., 2015. "The impact of vertical integration on retail gasoline prices in Russia," Working Papers 6412, Graduate School of Management, St. Petersburg State University.
    8. Daniel Treisman, 2010. ""Loans for Shares" Revisited," NBER Working Papers 15819, National Bureau of Economic Research, Inc.
    9. Sylvain Rossiaud & Catherine Locatelli, 2011. "Les évolutions du modèle pétrolier russe : une réponse institutionnelle à la crise de l'industrie," Post-Print halshs-00579874, HAL.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oxp:obooks:9780197300305. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Economics Book Marketing). General contact details of provider: http://www.oup.com/ .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.