EIRP Russia Energy Series – Russia’s Oil Sector

In the third Russia Energy Working Paper installment of EIRP’s working paper series on Russia’s global energy role, oil analyst Sergey Vakulenko looks ahead at Russia’s oil sector under enduring Western sanctions.

The paper, “Russia’s Oil Sector: Wounded but Still Working,” reviews market, capital, and technological constraints on Russia’s oil sector and their probable impact on Russia’s production and exports. Vakulenko addresses some of the specific limitations that Russian oil firms may face and some of their consequences, such as reduced use of fracking to boost output. One key conclusion is that notwithstanding Russia’s challenges, and even if Russian production falls, Moscow could retain considerable oil market leverage in a world in which demand stays relatively high and non-OPEC producers don’t invest in new capacity.

Read the report here.

“Russia’s Oil Sector: Wounded but Still Working” is the third in a series of EIRP working papers on Russian Energy. Earlier working papers covered Russia’s state nuclear company Rosatom and the prospects for Russia’s renewable power sector. You can find other papers in the series below. Subscribe here to stay up-to-date on the latest EIRP news and analysis.

Rosatom – A Difficult Target, by Alexandra Prokopenko

Russia’s Renewable Energy: Prospects in an Era of Geopolitical Competition, by Yury Melnikov

Russia’s Oil Sector – Wounded But Still Working, by Sergey Vakulenko

Cooling Prospects for Russia’s Arctic Development?, by Timur Kulakhmetov

The Outlook for Russia’s Natural Gas Sector, by Tatiana Mitrova