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Russia's oil potential: prospects and implications

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  • Gawdat Bahgat

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.

Suggested Citation

  • Gawdat Bahgat, 2004. "Russia's oil potential: prospects and implications," OPEC Energy Review, Organization of the Petroleum Exporting Countries, vol. 28(2), pages 133-147, June.
    • Handle: RePEc:bla:opecrv:v:28:y:2004:i:2:p:133-147
    DOI: 10.1111/j.0277-0180.2004.00131.x
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    Cited by:

    1. Tosun, Jale, 2011. "When the grace period is over: Assessing the new Member States' compliance with EU requirements for oil stockholding," Energy Policy, Elsevier, vol. 39(11), pages 7156-7164.

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